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.
Hennepin Minnesota Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: In Hennepin, Minnesota, the Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Operating as a Limited Liability Partnership outlines the terms and conditions of a physician's employment with the medical practice. The agreement typically includes key elements such as job responsibilities, compensation, benefits, and the duration of employment. It also establishes the working hours, vacation time, and professional development opportunities available to the physician. To ensure the smooth functioning of the medical practice, the agreement may define the physician's duties, including clinical work, administrative responsibilities, teaching roles, and participation in research activities. It may also outline any additional expectations, such as on-call duties or participation in meetings or committees. Compensation details are a crucial aspect of the agreement, specifying the physician's base salary, any additional performance-based incentives, and a clear methodology for determining the compensation. Benefits such as health insurance, retirement plans, and malpractice insurance coverage should also be clearly stated. The agreement may include provisions for termination, both voluntary and involuntary, outlining the necessary notice periods and the associated consequences or benefits. It may also dictate the circumstances under which the agreement can be terminated without notice, such as for cause, breach of agreement terms, or any violation of professional standards. Non-competition provisions are often a vital part of these agreements. They restrict the physician's ability to practice medicine within a specific geographical area for a defined period after their employment termination. These provisions aim to protect the medical practice's interests and prevent the physician from directly competing against the practice by joining a rival organization or establishing their own practice. In Hennepin, Minnesota, there may be various types of Employment Agreements and Non-Competition Agreements tailored to specific specialties or circumstances. Some examples include agreements for primary care physicians, specialists such as cardiologists or orthopedic surgeons, and agreements designed for physicians joining an existing practice or those involved in the formation of a new medical partnership. It is important for physicians and medical practices in Hennepin, Minnesota, to carefully review and negotiate these agreements to ensure that both parties' rights and obligations are protected. Seeking legal counsel is recommended to ensure compliance with applicable laws and regulations and to address any specific circumstances unique to the physician and the medical practice's partnership arrangement.Hennepin Minnesota Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: In Hennepin, Minnesota, the Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Operating as a Limited Liability Partnership outlines the terms and conditions of a physician's employment with the medical practice. The agreement typically includes key elements such as job responsibilities, compensation, benefits, and the duration of employment. It also establishes the working hours, vacation time, and professional development opportunities available to the physician. To ensure the smooth functioning of the medical practice, the agreement may define the physician's duties, including clinical work, administrative responsibilities, teaching roles, and participation in research activities. It may also outline any additional expectations, such as on-call duties or participation in meetings or committees. Compensation details are a crucial aspect of the agreement, specifying the physician's base salary, any additional performance-based incentives, and a clear methodology for determining the compensation. Benefits such as health insurance, retirement plans, and malpractice insurance coverage should also be clearly stated. The agreement may include provisions for termination, both voluntary and involuntary, outlining the necessary notice periods and the associated consequences or benefits. It may also dictate the circumstances under which the agreement can be terminated without notice, such as for cause, breach of agreement terms, or any violation of professional standards. Non-competition provisions are often a vital part of these agreements. They restrict the physician's ability to practice medicine within a specific geographical area for a defined period after their employment termination. These provisions aim to protect the medical practice's interests and prevent the physician from directly competing against the practice by joining a rival organization or establishing their own practice. In Hennepin, Minnesota, there may be various types of Employment Agreements and Non-Competition Agreements tailored to specific specialties or circumstances. Some examples include agreements for primary care physicians, specialists such as cardiologists or orthopedic surgeons, and agreements designed for physicians joining an existing practice or those involved in the formation of a new medical partnership. It is important for physicians and medical practices in Hennepin, Minnesota, to carefully review and negotiate these agreements to ensure that both parties' rights and obligations are protected. Seeking legal counsel is recommended to ensure compliance with applicable laws and regulations and to address any specific circumstances unique to the physician and the medical practice's partnership arrangement.
