The Limited Liability Partnership (LLP) is an alternative to the limited liability company (LLC). As with the limited liability company, the limited liability partnership provides a method of insulating partners from personal liability for acts of other partners.
A limited liability partnership is a general partnership that elects to be treated as an LLP by registering with the Secretary of State. Many attorneys and accountants choose the LLP structure since it shields the partners from vicarious liability, can operate more informally and flexibly than a corporation, and is accorded full partnership tax treatment. In a general partnership, individual partners are liable for the partnership's debts and obligations whereas the partners in a limited liability partnership are statutorily provided full-shield protection from partnership liabilities, debts and obligations. It allows the members of the LLP to take an active role in the business of the partnership, without exposing them to personal liability for others' acts except to the extent of their investment in the LLP. Many law and accounting firms now operate as LLPs. In some states, with certain exceptions, the LLP is only available to attorneys and accountants.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Allegheny Pennsylvania Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of the employment relationship between a physician and a medical practice in Allegheny County, Pennsylvania. This agreement serves to protect the interests of both parties involved and ensures a fair working relationship. Key terms and provisions in such agreements may include: 1. Parties involved: The agreement will identify the physician and the medical practice participating as a limited liability partnership (LLP) in Allegheny County, Pennsylvania. 2. Terms of employment: The agreement will specify the duration of the employment, including the start date and potential end date. It may also outline any probationary period or termination conditions. 3. Compensation and benefits: Details regarding the physician's salary, bonuses, vacation time, health insurance, retirement plans, and any other benefits provided by the medical practice will be stated in the agreement. 4. Duties and responsibilities: The agreement will outline the specific duties and responsibilities expected from the physician. It may include patient care, administrative tasks, research, teaching, or any other relevant tasks. 5. Non-Compete clauses: The agreement may include a non-compete clause, restricting the physician from practicing medicine or providing similar services within a defined geographical area for a specified period after the termination of employment. 6. Confidentiality and intellectual property: The agreement will address the preservation of patient confidentiality and any intellectual property rights, ensuring that the medical practice retains ownership over any research, inventions, or other innovations generated during the employment. 7. Dispute resolution and governing law: The agreement will indicate the procedures for resolving disputes, such as mediation or arbitration, and identify the applicable laws governing the agreement. Types of Allegheny Pennsylvania Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership may include: 1. Standard Employment Agreement: This is a general agreement that encompasses the terms and conditions for physician employment, including compensation, benefits, and non-compete clauses. 2. Senior Physician Agreement: This type of agreement may be applicable to experienced physicians joining the medical practice and may include additional compensation or partnership opportunities. 3. Part-Time or Locum Teens Agreement: This agreement is tailored for physicians providing services on a part-time or temporary basis, outlining their specific duties, compensation, and duration of service. 4. Physician-Investor Agreement: When a physician becomes a partner or investor in the medical practice, this agreement will cover not only employment terms but also address ownership rights, profit sharing, and partnership responsibilities. It is important for both physicians and medical practices to seek legal counsel to draft and review these agreements, considering individual circumstances and compliance with Allegheny County's specific legal requirements.Allegheny Pennsylvania Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of the employment relationship between a physician and a medical practice in Allegheny County, Pennsylvania. This agreement serves to protect the interests of both parties involved and ensures a fair working relationship. Key terms and provisions in such agreements may include: 1. Parties involved: The agreement will identify the physician and the medical practice participating as a limited liability partnership (LLP) in Allegheny County, Pennsylvania. 2. Terms of employment: The agreement will specify the duration of the employment, including the start date and potential end date. It may also outline any probationary period or termination conditions. 3. Compensation and benefits: Details regarding the physician's salary, bonuses, vacation time, health insurance, retirement plans, and any other benefits provided by the medical practice will be stated in the agreement. 4. Duties and responsibilities: The agreement will outline the specific duties and responsibilities expected from the physician. It may include patient care, administrative tasks, research, teaching, or any other relevant tasks. 5. Non-Compete clauses: The agreement may include a non-compete clause, restricting the physician from practicing medicine or providing similar services within a defined geographical area for a specified period after the termination of employment. 6. Confidentiality and intellectual property: The agreement will address the preservation of patient confidentiality and any intellectual property rights, ensuring that the medical practice retains ownership over any research, inventions, or other innovations generated during the employment. 7. Dispute resolution and governing law: The agreement will indicate the procedures for resolving disputes, such as mediation or arbitration, and identify the applicable laws governing the agreement. Types of Allegheny Pennsylvania Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership may include: 1. Standard Employment Agreement: This is a general agreement that encompasses the terms and conditions for physician employment, including compensation, benefits, and non-compete clauses. 2. Senior Physician Agreement: This type of agreement may be applicable to experienced physicians joining the medical practice and may include additional compensation or partnership opportunities. 3. Part-Time or Locum Teens Agreement: This agreement is tailored for physicians providing services on a part-time or temporary basis, outlining their specific duties, compensation, and duration of service. 4. Physician-Investor Agreement: When a physician becomes a partner or investor in the medical practice, this agreement will cover not only employment terms but also address ownership rights, profit sharing, and partnership responsibilities. It is important for both physicians and medical practices to seek legal counsel to draft and review these agreements, considering individual circumstances and compliance with Allegheny County's specific legal requirements.
