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.
Houston Texas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In Houston, Texas, an Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice providing services as a Limited Liability Partnership (LLP) establishes the terms and conditions of the physician's employment within the medical practice. This agreement serves to protect both parties' interests and promote a successful and mutually beneficial professional relationship. The Employment Agreement outlines various essential aspects, such as the position the physician will hold within the medical practice, their duties and responsibilities, compensation structure, and benefits. It specifies the terms of employment, including the duration of the agreement, working hours, vacation time, and any potential bonuses or incentives tied to performance. The agreement also addresses matters related to termination, such as the process of severing the employment relationship and the notice period required from both parties. It may include provisions for voluntary or involuntary termination, including circumstances like resignation, retirement, misconduct, or non-performance. Additionally, a Non-Competition Agreement is typically included as part of the overall employment contract. This agreement prohibits the physician from engaging in certain competitive activities that could harm the medical practice's interests, within a specified geographic area and for a defined duration after the termination of the employment. The purpose of this agreement is to safeguard the medical practice's patient base, trade secrets, confidential information, and goodwill. It is essential to note that there may be variations in the types of Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership, depending on specific circumstances and the preferences of the parties involved. Some variations include: 1. Full-Time Employment Agreement: This agreement is designed for physicians who will be employed on a full-time basis, typically with a fixed schedule and contractual obligations. 2. Part-Time Employment Agreement: This type of agreement caters to physicians who will be employed on a part-time basis, with reduced working hours and modified compensation arrangements. 3. Fixed-Term Employment Agreement: In certain cases, an employment agreement can have a fixed duration, outlining a specific employment term, which may be renewable or non-renewable based on mutually agreed conditions. 4. Non-Competition Agreement with Buyout Clause: This agreement may include a buyout clause allowing the physician to terminate the non-competition restrictions by paying a specified sum of money to the medical practice, enabling the physicians to work with competitors after termination. 5. Non-Competition Agreement with Geographic Restriction: This type of agreement focuses on restricting the physician's ability to practice within a specific geographic area or radius around the medical practice's location, ensuring the protection of the practice's patient and referral base. In conclusion, the Houston Texas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership serve as essential legal documents establishing the terms and conditions of employment for physicians within medical practices. The variations mentioned above cater to specific requirements and circumstances, ensuring a clear and mutually beneficial agreement for both parties involved.Houston Texas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In Houston, Texas, an Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice providing services as a Limited Liability Partnership (LLP) establishes the terms and conditions of the physician's employment within the medical practice. This agreement serves to protect both parties' interests and promote a successful and mutually beneficial professional relationship. The Employment Agreement outlines various essential aspects, such as the position the physician will hold within the medical practice, their duties and responsibilities, compensation structure, and benefits. It specifies the terms of employment, including the duration of the agreement, working hours, vacation time, and any potential bonuses or incentives tied to performance. The agreement also addresses matters related to termination, such as the process of severing the employment relationship and the notice period required from both parties. It may include provisions for voluntary or involuntary termination, including circumstances like resignation, retirement, misconduct, or non-performance. Additionally, a Non-Competition Agreement is typically included as part of the overall employment contract. This agreement prohibits the physician from engaging in certain competitive activities that could harm the medical practice's interests, within a specified geographic area and for a defined duration after the termination of the employment. The purpose of this agreement is to safeguard the medical practice's patient base, trade secrets, confidential information, and goodwill. It is essential to note that there may be variations in the types of Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership, depending on specific circumstances and the preferences of the parties involved. Some variations include: 1. Full-Time Employment Agreement: This agreement is designed for physicians who will be employed on a full-time basis, typically with a fixed schedule and contractual obligations. 2. Part-Time Employment Agreement: This type of agreement caters to physicians who will be employed on a part-time basis, with reduced working hours and modified compensation arrangements. 3. Fixed-Term Employment Agreement: In certain cases, an employment agreement can have a fixed duration, outlining a specific employment term, which may be renewable or non-renewable based on mutually agreed conditions. 4. Non-Competition Agreement with Buyout Clause: This agreement may include a buyout clause allowing the physician to terminate the non-competition restrictions by paying a specified sum of money to the medical practice, enabling the physicians to work with competitors after termination. 5. Non-Competition Agreement with Geographic Restriction: This type of agreement focuses on restricting the physician's ability to practice within a specific geographic area or radius around the medical practice's location, ensuring the protection of the practice's patient and referral base. In conclusion, the Houston Texas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership serve as essential legal documents establishing the terms and conditions of employment for physicians within medical practices. The variations mentioned above cater to specific requirements and circumstances, ensuring a clear and mutually beneficial agreement for both parties involved.
