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.
Chicago Illinois Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership (LLP) is a legally binding contract that outlines the terms and conditions of employment for physicians within a medical practice in Chicago, Illinois. This agreement is designed to protect the interests of both the physician and the medical practice, ensuring a mutual understanding and agreement on various aspects of the professional relationship. Keywords: Chicago Illinois, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership, LLP. 1. Types of Employment Agreements: a. Full-Time Employment Agreement: This type of agreement is entered into by physicians who will be working on a full-time basis, typically defined as a set number of hours per week or a specific work schedule. b. Part-Time Employment Agreement: This agreement is suitable for physicians who will be working on a part-time basis, whether due to personal preference, existing commitments, or other reasons. The terms may differ from those of a full-time agreement. 2. Components of the Employment Agreement: a. Job Description: This section outlines the physician's specific responsibilities, duties, and obligations within the medical practice. b. Compensation and Benefits: Details regarding the physician's salary, bonuses, incentives, insurance coverage, retirement plans, vacation, and other benefits offered by the medical practice. c. Term and Termination: Specifies the initial duration of employment and conditions for termination, including notice periods, grounds for termination, and potential consequences. d. Non-Disclosure and Confidentiality: Protects the medical practice's sensitive and proprietary information by restricting the physician from disclosing or using it for personal gain. e. Intellectual Property: Establishes ownership rights and usage permissions for any intellectual property created during the physician's employment, such as research, inventions, or innovations. 3. Non-Competition Agreement: a. Scope and Duration: Determines the geographical area and time during which the physician is prohibited from competing with the medical practice within a defined radius and for a specified period after termination. b. Non-Solicitation: Restricts the physician from directly or indirectly soliciting the medical practice's patients, clients, employees, or partners for a predetermined period of time. c. Compensation during Non-Compete: Specifies whether the medical practice will provide compensation to the physician during the non-compete period and under what conditions. It's important for physicians and medical practices to consult with legal professionals specializing in employment law to create customized agreements that align with their specific needs and comply with local regulations.Chicago Illinois Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership (LLP) is a legally binding contract that outlines the terms and conditions of employment for physicians within a medical practice in Chicago, Illinois. This agreement is designed to protect the interests of both the physician and the medical practice, ensuring a mutual understanding and agreement on various aspects of the professional relationship. Keywords: Chicago Illinois, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership, LLP. 1. Types of Employment Agreements: a. Full-Time Employment Agreement: This type of agreement is entered into by physicians who will be working on a full-time basis, typically defined as a set number of hours per week or a specific work schedule. b. Part-Time Employment Agreement: This agreement is suitable for physicians who will be working on a part-time basis, whether due to personal preference, existing commitments, or other reasons. The terms may differ from those of a full-time agreement. 2. Components of the Employment Agreement: a. Job Description: This section outlines the physician's specific responsibilities, duties, and obligations within the medical practice. b. Compensation and Benefits: Details regarding the physician's salary, bonuses, incentives, insurance coverage, retirement plans, vacation, and other benefits offered by the medical practice. c. Term and Termination: Specifies the initial duration of employment and conditions for termination, including notice periods, grounds for termination, and potential consequences. d. Non-Disclosure and Confidentiality: Protects the medical practice's sensitive and proprietary information by restricting the physician from disclosing or using it for personal gain. e. Intellectual Property: Establishes ownership rights and usage permissions for any intellectual property created during the physician's employment, such as research, inventions, or innovations. 3. Non-Competition Agreement: a. Scope and Duration: Determines the geographical area and time during which the physician is prohibited from competing with the medical practice within a defined radius and for a specified period after termination. b. Non-Solicitation: Restricts the physician from directly or indirectly soliciting the medical practice's patients, clients, employees, or partners for a predetermined period of time. c. Compensation during Non-Compete: Specifies whether the medical practice will provide compensation to the physician during the non-compete period and under what conditions. It's important for physicians and medical practices to consult with legal professionals specializing in employment law to create customized agreements that align with their specific needs and comply with local regulations.
