Limited Liability Partnership
/ˈlɪmɪtɪd lɪəˈbɪləti ˈpɑːrtnərʃɪp/
Definitions
- (n.) A partnership in which some or all partners have limited liabilities, protecting their personal assets from business debts beyond their investment.
The architects formed a limited liability partnership to protect their personal assets from business liabilities.
Forms
- limited liability partnerships
Related terms
See also
Commentary
LLPs combine elements of partnerships and corporations, allowing partners protection from liabilities while maintaining partnership tax benefits.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.