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.
Salt Lake Utah Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding document that outlines the terms and conditions of employment for physicians joining a medical practice in the Salt Lake, Utah area. This agreement also includes provisions related to non-competition, which restricts the physician's ability to work for competing practices or start a competing practice in the geographical area specified. The employment agreement part of the document covers various important aspects, such as the physician's duties, responsibilities, and compensation. It typically includes the following key points: 1. Job Description: The agreement outlines the specific role and responsibilities expected of the physician within the medical practice. It may include details about patient care, documentation requirements, professional conduct, and participation in practice-related activities. 2. Compensation: The agreement defines the physician's compensation structure, which may involve a base salary, incentives based on productivity or quality metrics, and any potential profit-sharing or partnership arrangements. It also outlines the frequency and method of payment. 3. Working Hours: This section highlights the expected working hours, including regular shifts, on-call obligations, and potential weekend or holiday coverage. It may address arrangements for time off and vacation periods as well. 4. Benefits: The agreement may outline the benefits package for the physician, including healthcare coverage, retirement plans, vacation and sick leave, disability insurance, and any other additional perks. 5. Termination: This section specifies the conditions under which the agreement can be terminated, such as resignation, retirement, or termination for cause. It may include notice periods and severance provisions. The non-competition agreement part of the document aims to protect the medical practice's interests and prevent potential competition. It generally includes the following elements: 1. Scope of Restriction: This section defines the geographical area where the physician is prohibited from practicing or working within a competing medical practice. It may specify cities or counties within the Salt Lake, Utah region. 2. Duration: The agreement establishes the time period during which the non-competition covenant remains in effect. Typically, this duration ranges from one to three years, but it can vary based on the specific agreement. 3. Restricted Activities: The agreement details the specific activities that the physician is prohibited from engaging in during the restricted period. This may include directly or indirectly practicing medicine, working for a competing practice, soliciting patients or staff members, or establishing a competing practice. Different types of Salt Lake Utah Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership can include variations based on individual preferences, medical specialties, and specific practice needs. For instance, there might be specific agreements for primary care physicians, specialists, or those with additional administrative responsibilities. It's important for both parties to carefully review and negotiate the terms of the agreement to ensure it aligns with their respective needs and expectations.Salt Lake Utah Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding document that outlines the terms and conditions of employment for physicians joining a medical practice in the Salt Lake, Utah area. This agreement also includes provisions related to non-competition, which restricts the physician's ability to work for competing practices or start a competing practice in the geographical area specified. The employment agreement part of the document covers various important aspects, such as the physician's duties, responsibilities, and compensation. It typically includes the following key points: 1. Job Description: The agreement outlines the specific role and responsibilities expected of the physician within the medical practice. It may include details about patient care, documentation requirements, professional conduct, and participation in practice-related activities. 2. Compensation: The agreement defines the physician's compensation structure, which may involve a base salary, incentives based on productivity or quality metrics, and any potential profit-sharing or partnership arrangements. It also outlines the frequency and method of payment. 3. Working Hours: This section highlights the expected working hours, including regular shifts, on-call obligations, and potential weekend or holiday coverage. It may address arrangements for time off and vacation periods as well. 4. Benefits: The agreement may outline the benefits package for the physician, including healthcare coverage, retirement plans, vacation and sick leave, disability insurance, and any other additional perks. 5. Termination: This section specifies the conditions under which the agreement can be terminated, such as resignation, retirement, or termination for cause. It may include notice periods and severance provisions. The non-competition agreement part of the document aims to protect the medical practice's interests and prevent potential competition. It generally includes the following elements: 1. Scope of Restriction: This section defines the geographical area where the physician is prohibited from practicing or working within a competing medical practice. It may specify cities or counties within the Salt Lake, Utah region. 2. Duration: The agreement establishes the time period during which the non-competition covenant remains in effect. Typically, this duration ranges from one to three years, but it can vary based on the specific agreement. 3. Restricted Activities: The agreement details the specific activities that the physician is prohibited from engaging in during the restricted period. This may include directly or indirectly practicing medicine, working for a competing practice, soliciting patients or staff members, or establishing a competing practice. Different types of Salt Lake Utah Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership can include variations based on individual preferences, medical specialties, and specific practice needs. For instance, there might be specific agreements for primary care physicians, specialists, or those with additional administrative responsibilities. It's important for both parties to carefully review and negotiate the terms of the agreement to ensure it aligns with their respective needs and expectations.
