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.
Franklin Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In Franklin, Ohio, the Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a binding contract that governs the professional relationship between a physician and a medical practice operating as a limited liability partnership. This agreement outlines the terms and conditions under which the physician will be employed by the medical practice, including compensation, benefits, and duties. The agreement typically includes several key provisions to protect the interests of both parties involved. One important aspect is the length of the employment term, which may be specified for a fixed duration or on an indefinite basis. The agreement also establishes the physician's specific obligations and responsibilities in their role, such as patient care, documentation, participation in quality improvement programs, and adherence to ethical and professional standards. Compensation is a significant component of the agreement, and it is detailed in terms of base salary, bonuses, incentives, and any additional benefits, including health insurance, retirement plans, and paid time off. The agreement may also include provisions regarding reimbursement for continuing medical education (CME) and professional association memberships. To protect the medical practice's interests, a non-competition clause is typically included in the agreement. This clause restricts the physician's ability to engage in similar medical practice within a specified geographic area for a specific period of time after the termination of employment. This provision aims to safeguard the medical practice's patient base and proprietary information while allowing for fair competition. Additional provisions may include terms regarding termination, notice periods, post-termination obligations (such as returning patient records or intellectual property), dispute resolution mechanisms, and confidentiality provisions to safeguard patient information and trade secrets. While there may not be specific variations of the Franklin Ohio Employment Agreement and Non-Competition Agreement, each agreement is tailored to the unique circumstances and needs of the physician and the medical practice. It is important for both parties to thoroughly review and negotiate the terms of the agreement to ensure fairness and clarity. In summary, the Franklin Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership establishes the terms and conditions of employment, compensation, and non-competition obligations for physicians practicing within a limited liability partnership in Franklin, Ohio.Franklin Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In Franklin, Ohio, the Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a binding contract that governs the professional relationship between a physician and a medical practice operating as a limited liability partnership. This agreement outlines the terms and conditions under which the physician will be employed by the medical practice, including compensation, benefits, and duties. The agreement typically includes several key provisions to protect the interests of both parties involved. One important aspect is the length of the employment term, which may be specified for a fixed duration or on an indefinite basis. The agreement also establishes the physician's specific obligations and responsibilities in their role, such as patient care, documentation, participation in quality improvement programs, and adherence to ethical and professional standards. Compensation is a significant component of the agreement, and it is detailed in terms of base salary, bonuses, incentives, and any additional benefits, including health insurance, retirement plans, and paid time off. The agreement may also include provisions regarding reimbursement for continuing medical education (CME) and professional association memberships. To protect the medical practice's interests, a non-competition clause is typically included in the agreement. This clause restricts the physician's ability to engage in similar medical practice within a specified geographic area for a specific period of time after the termination of employment. This provision aims to safeguard the medical practice's patient base and proprietary information while allowing for fair competition. Additional provisions may include terms regarding termination, notice periods, post-termination obligations (such as returning patient records or intellectual property), dispute resolution mechanisms, and confidentiality provisions to safeguard patient information and trade secrets. While there may not be specific variations of the Franklin Ohio Employment Agreement and Non-Competition Agreement, each agreement is tailored to the unique circumstances and needs of the physician and the medical practice. It is important for both parties to thoroughly review and negotiate the terms of the agreement to ensure fairness and clarity. In summary, the Franklin Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership establishes the terms and conditions of employment, compensation, and non-competition obligations for physicians practicing within a limited liability partnership in Franklin, Ohio.
