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Partnership Agreement
Secure your Texas SLP practice with a compliant Partnership Agreement. Addresses HIPAA, Texas Business and Commerce Code, and profit-sharing for clinicians.
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Starting a joint speech therapy practice in Texas requires more than just clinical expertise; it demands a robust legal framework that addresses unique industry risks like treatment outcome liability... Read more
Customize your Partnership Agreement
8 fields · Takes about 2 minutes
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Customize your Partnership Agreement
8 fields · Takes about 2 minutes
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[Specific Scope of Practice (Define limitations for Articulation, Fluency, or Telepractice)]
[Allocation of liability for insurance clawbacks and billing errors]
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.
Starting a joint speech therapy practice in Texas requires more than just clinical expertise; it demands a robust legal framework that addresses unique industry risks like treatment outcome liability and insurance billing errors. A well-crafted Partnership Agreement ensures compliance with the Texas Business and Commerce Code while protecting your ASHA CCC-SLP credentials. By clearly defining profit and loss sharing, management control, and IEP-related responsibilities, you mitigate the risk of disputes and ensure your telepractice or clinic remains HIPAA-compliant and financially stable under Texas law.
Under Tex. Bus. & Com. Code § 15.50, non-compete clauses must be ancillary to an otherwise enforceable agreement. Our template ensures that any restrictive covenants are drafted to meet Texas's strict enforceability standards, protecting your clinic's patient list while respecting your professional mobility.
The agreement includes mandated Indemnification and Liability clauses. These sections delineate responsibility for billing audits or Medicare/Medicaid reimbursement disputes (CMS compliance), ensuring that one partner's documentation errors don't unfairly penalize the other's personal assets.
While the agreement itself establishes business structure, it facilitates compliance by defining data protection roles under the Texas Business & Commerce Code for disposing of records and ensuring all partners adhere to HHS OCR standards, including the requirement for Business Associate Agreements (BAAs) when necessary.
The 'Withdrawal or Death of Partner' clause is customized to include professional disqualification. This allows for a structured dissolution or buyout if a partner fails to maintain their license with the Texas state-specific speech-language pathology licensing board.
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