Texas Professional Limited Liability Partnership Agreement to Practice Medicine
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How to fill out Professional Limited Liability Partnership Agreement To Practice Medicine?
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FAQ
Advantages and Disadvantages of Medical Partnerships Possibility of taking more financial risks and making investments, compared to the independent practice. More freedom in choosing the hours of work, working part-time or full-time. Greater financial security.
A business entity that is formed for the purpose of providing a "professional service" (i.e., a service that requires a Texas license) may need to be a professional entity like a professional corporation (PC) or professional LLC (PLLC).
Limited Liability Partnership The partners of an LLP have more liability protection than partners of a general partnership, but they still have unlimited personal liability for obligations of the practice.
However, operating as a PC, LLP or LLC generally can protect you against personal liability for malpractice committed by another physician in the practice. (General partnerships do not offer this protection, while sole proprietorships do not need this protection.)
General partners can be held liable for their debts and their partner's debts. Only a PC offers some liability protection for physicians in a group medical practice. Through a PC, doctors can protect themselves against personal liability for the contracts, leases, and other debts of the business.
A medical doctor cannot form a limited liability partnership in the State of California. A professional corporation is the business structure of choice for medical practice.
For many of those wishing to set up a medical practice, a professional limited liability company is the preferred business form. A Texas professional limited liability company, known as a PLLC for short, can offer practitioners many distinct advantages.
