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.
Wake North Carolina Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: In Wake, North Carolina, the Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership serves as a legally binding contract that outlines the terms and conditions of employment for physicians within the medical practice. This agreement not only establishes the physician's employment status but also outlines the rights, responsibilities, and obligations of both parties. Keywords: Wake North Carolina, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership, terms and conditions, employment status, rights, responsibilities, obligations. Different Types of Wake North Carolina Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. Full-time Employment Agreement and Non-Competition Agreement: This agreement is applicable when a physician is engaged by the medical practice on a full-time basis, typically working a standard number of hours per week. It covers details such as compensation, work schedule, expectations, non-compete covenants, and termination clauses. 2. Part-time Employment Agreement and Non-Competition Agreement: This type of agreement is designed for physicians who work on a part-time basis, usually fewer hours per week compared to full-time physicians. It outlines the same terms and conditions as the full-time agreement, but with adjustments made to reflect the part-time nature of employment. 3. Independent Contractor Agreement and Non-Competition Agreement: In certain cases, physicians may enter into an agreement with a medical practice as an independent contractor rather than an employee. This agreement specifies that the physician operates as an independent entity, responsible for their own taxes and benefits. It includes provisions regarding the scope of services to be provided, payment terms, non-compete clauses, and termination arrangements. 4. Associate or Junior Partner Employment Agreement and Non-Competition Agreement: This agreement caters to junior physicians who aspire to become partners or shareholders in the medical practice. It often includes provisions regarding a predetermined path to partnership, including criteria for promotion, equity ownership, and other benefits associated with advancing their career within the practice. 5. Senior Partner or Shareholder Employment Agreement and Non-Competition Agreement: This contract is designed for senior physicians who have attained partnership or shareholder status within the medical practice. It reflects their elevated position and may cover aspects such as profit-sharing, voting rights, management responsibilities, retirement plans, and the possibility of becoming a director or board member within the practice. Keywords: Wake North Carolina, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership, full-time, part-time, independent contractor, associate, junior partner, senior partner, shareholder, compensation, work schedule, non-compete covenants, termination clauses, profit-sharing, voting rights, retirement plans.Wake North Carolina Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: In Wake, North Carolina, the Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership serves as a legally binding contract that outlines the terms and conditions of employment for physicians within the medical practice. This agreement not only establishes the physician's employment status but also outlines the rights, responsibilities, and obligations of both parties. Keywords: Wake North Carolina, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership, terms and conditions, employment status, rights, responsibilities, obligations. Different Types of Wake North Carolina Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. Full-time Employment Agreement and Non-Competition Agreement: This agreement is applicable when a physician is engaged by the medical practice on a full-time basis, typically working a standard number of hours per week. It covers details such as compensation, work schedule, expectations, non-compete covenants, and termination clauses. 2. Part-time Employment Agreement and Non-Competition Agreement: This type of agreement is designed for physicians who work on a part-time basis, usually fewer hours per week compared to full-time physicians. It outlines the same terms and conditions as the full-time agreement, but with adjustments made to reflect the part-time nature of employment. 3. Independent Contractor Agreement and Non-Competition Agreement: In certain cases, physicians may enter into an agreement with a medical practice as an independent contractor rather than an employee. This agreement specifies that the physician operates as an independent entity, responsible for their own taxes and benefits. It includes provisions regarding the scope of services to be provided, payment terms, non-compete clauses, and termination arrangements. 4. Associate or Junior Partner Employment Agreement and Non-Competition Agreement: This agreement caters to junior physicians who aspire to become partners or shareholders in the medical practice. It often includes provisions regarding a predetermined path to partnership, including criteria for promotion, equity ownership, and other benefits associated with advancing their career within the practice. 5. Senior Partner or Shareholder Employment Agreement and Non-Competition Agreement: This contract is designed for senior physicians who have attained partnership or shareholder status within the medical practice. It reflects their elevated position and may cover aspects such as profit-sharing, voting rights, management responsibilities, retirement plans, and the possibility of becoming a director or board member within the practice. Keywords: Wake North Carolina, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership, full-time, part-time, independent contractor, associate, junior partner, senior partner, shareholder, compensation, work schedule, non-compete covenants, termination clauses, profit-sharing, voting rights, retirement plans.
