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Partnership Agreement
Create a Texas-compliant Partnership Agreement for your PT clinic. Secure your practice with clauses on Medicare billing, HIPAA, and Texas Business & Commerce Code.
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Building a rehabilitation practice in Texas requires more than just shared clinical expertise; it requires a robust legal foundation that addresses the unique risks of the physical therapy industry.... Read more
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Customize your Partnership Agreement
8 fields · Takes about 2 minutes
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[Scope of Rehabilitative Modalities]
Defines the legal name of the partnership and the type of business activities it will engage in. This is crucial to clearly establish the identity and scope of operations of the partnership.
Specifies the main office or business location from which the partnership operates. This is necessary for legal notifications and jurisdiction purposes.
Indicates the duration of the partnership—whether it's at-will or for a specific term. Establishing the term is critical to understanding the partnership’s temporal framework.
Details each partner’s financial, property, and labor contributions to the partnership. This clause is essential for defining the basis of the partnership and resolving disputes about contributions.
Specifies how profits and losses are allocated among partners. Without this clause, state default rules may apply, potentially contrary to the partners' intentions.
Describes how the partnership will be managed and the decision-making authority of each partner. This clause is crucial to prevent misunderstandings about control and management.
Outlines the extent to which partners will be liable for the partnership's debts, and whether they will indemnify the partnership or each other. Important to delineate individual liabilities.
Provides the procedures for what happens if a partner withdraws or dies, including buyout provisions. Ensures continuity or a structured dissolution of responsibilities and assets.
Specifies methods for resolving disputes, such as mediation or arbitration. Preempts potential litigation by providing a clear path for resolving disagreements.
Describes how amendments to the agreement can be made—typically by a majority or unanimous vote. Ensures that changes to the partnership can be properly enacted.
Outlines the process for dissolving the partnership and distributing remaining assets. Critical for outlining closure procedures and preventing chaos during dissolution.
Building a rehabilitation practice in Texas requires more than just shared clinical expertise; it requires a robust legal foundation that addresses the unique risks of the physical therapy industry. From managing potential patient injury claims and license revocation risks to navigating the Texas Business and Commerce Code, our Partnership Agreement is tailored for Texas PTs. It ensures your practice is protected under the Texas Physical Therapy Practice Act, establishes clear Profit and Loss Sharing to prevent state default rules, and includes essential Texas-specific non-compete language under Tex. Bus. & Com. Code § 15.50. Protect your functional assessment modalities and secure your business future with a contract designed for rehabilitative excellence.
Under Tex. Bus. & Com. Code § 15.50, non-compete agreements in Texas must be ancillary to an otherwise enforceable agreement. This partnership document includes specialized language to ensure that restrictive covenants are enforceable and reasonable in geographic scope, specifically tailored for the physical therapy competitive landscape.
The agreement includes a 'Withdrawal or Death of Partner' clause that specifically triggers in the event of license revocation by the Texas Board of Physical Therapy Examiners. This protects the clinic's ability to continue Medicare billing and insurance reimbursement without interruption by providing a structured buyout or dissolution process.
Without a written Profit and Loss Sharing clause, Texas default rules may apply equal distribution regardless of capital contribution. This agreement allows you to specify exact percentages based on initial contributions—whether property, labor, or cash—ensuring compliance with the Texas Business and Commerce Code.
Yes. The Management and Control sections require all partners to adhere to HIPAA and the Texas Business & Commerce Code regarding the protection and disposal of business and patient records, mitigating liabilities related to PHI breaches.
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