Llp
/ˌɛlˌɛlˈpiː/
Definitions
- (n.) A type of legal business entity combining elements of partnerships and corporations, offering limited liability to its partners while allowing flexible management.
The law firm was structured as an LLP to protect partners from personal liability.
Related terms
See also
Commentary
Use LLP when specifying business entities in legal documents to clarify liability limitations and management structure.
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.