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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 54988
Experience:  32 years of experience practicing law and a businessman.
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Im in a 5 member physician group. Our 2 senior partners, including

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I'm in a 5 member physician group. Our 2 senior partners, including the managing partner are leaving to start a competing practice in the same area (no restrictive covenant). They are also taking our top 3 staffers, including our office manager and biller and EHR superuser. Are the 3 remaining partners entitled to financial compensation? We received about 6 weeks notice.
Submitted: 5 years ago.
Category: Business Law
Expert:  Richard replied 5 years ago.

Good morning. What kind of entity is your group? Do you have any kind of a buy-sell agreement? Do you have anything about withdrawal in your group documents?

Customer: replied 5 years ago.
No and No. We recently joined an IPO and there are no completed governance documents for our sub-LLC (was a work in progress).
Expert:  Richard replied 5 years ago.

Thanks. Unfortunately, with no restrictions in place, they are entitled to withdraw from your group and form another group. I'm sorry. In your next grouping, you will want to make sure to have non-compete and non-solicitation agreements in place.

 

 

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