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.
Oakland Michigan 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 employment and non-competition for physicians working with a medical practice in Oakland, Michigan. This agreement is specifically tailored to physicians and medical practices operating as limited liability partnerships. Key terms and content covered in the employment agreement may include: 1. Parties involved: The agreement will state the names of the physician(s) and the medical practice operating as a limited liability partnership (LLP). 2. Employment terms: The agreement will define the nature of the employment relationship, such as full-time or part-time employment, and the specific start and end dates, if applicable. 3. Duties and responsibilities: The agreement will detail the duties and responsibilities expected from the physician, including patient care, administrative tasks, participation in continuing education, and adherence to medical practice policies and protocols. 4. Compensation and benefits: The agreement will outline the physician's salary or compensation structure, any bonuses or incentives, paid time off, health insurance, retirement plans, and other applicable benefits. 5. Working hours and on-call responsibilities: The agreement may specify the physician's regular working hours, on-call schedule, and any after-hours or weekend obligations. 6. Termination and notice period: The agreement will include provisions for termination, including notice required from either party, grounds for termination, severance, and conditions under which the agreement can be terminated without notice. 7. Non-competition agreement: The agreement will contain a non-competition clause that restricts the physician from practicing medicine within a specific geographic area and for a predetermined duration following the termination of employment. This clause aims to protect the medical practice's interests and prevent the physician from competing directly after leaving the practice. Different types or variations of Oakland Michigan Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership may include: 1. Full-time vs. part-time employment agreements: These contracts differ in terms of working hours, benefits, and compensation structure, depending on whether the physician is employed on a full-time or part-time basis. 2. Term vs. at-will employment agreements: Some agreements may be for a specified term, such as one year, while others may be at-will, meaning either party can terminate the agreement without cause or notice. 3. Varied non-competition clauses: Non-competition agreements can have different restrictions in terms of geographic scope, duration, and allowable exceptions, depending on the negotiation between the physician and the medical practice. It is crucial to consult with a legal professional to ensure the specific agreement adheres to the applicable laws and regulations in Oakland, Michigan.Oakland Michigan 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 employment and non-competition for physicians working with a medical practice in Oakland, Michigan. This agreement is specifically tailored to physicians and medical practices operating as limited liability partnerships. Key terms and content covered in the employment agreement may include: 1. Parties involved: The agreement will state the names of the physician(s) and the medical practice operating as a limited liability partnership (LLP). 2. Employment terms: The agreement will define the nature of the employment relationship, such as full-time or part-time employment, and the specific start and end dates, if applicable. 3. Duties and responsibilities: The agreement will detail the duties and responsibilities expected from the physician, including patient care, administrative tasks, participation in continuing education, and adherence to medical practice policies and protocols. 4. Compensation and benefits: The agreement will outline the physician's salary or compensation structure, any bonuses or incentives, paid time off, health insurance, retirement plans, and other applicable benefits. 5. Working hours and on-call responsibilities: The agreement may specify the physician's regular working hours, on-call schedule, and any after-hours or weekend obligations. 6. Termination and notice period: The agreement will include provisions for termination, including notice required from either party, grounds for termination, severance, and conditions under which the agreement can be terminated without notice. 7. Non-competition agreement: The agreement will contain a non-competition clause that restricts the physician from practicing medicine within a specific geographic area and for a predetermined duration following the termination of employment. This clause aims to protect the medical practice's interests and prevent the physician from competing directly after leaving the practice. Different types or variations of Oakland Michigan Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership may include: 1. Full-time vs. part-time employment agreements: These contracts differ in terms of working hours, benefits, and compensation structure, depending on whether the physician is employed on a full-time or part-time basis. 2. Term vs. at-will employment agreements: Some agreements may be for a specified term, such as one year, while others may be at-will, meaning either party can terminate the agreement without cause or notice. 3. Varied non-competition clauses: Non-competition agreements can have different restrictions in terms of geographic scope, duration, and allowable exceptions, depending on the negotiation between the physician and the medical practice. It is crucial to consult with a legal professional to ensure the specific agreement adheres to the applicable laws and regulations in Oakland, Michigan.
