Limited Liability Partnership

Definition

LLP. Another name for a Limited Liability Company, often used by professional associations. The partner or investor's liability is limited to the amount he/she has invested in the company. This setup typically prevents each partner from being held accountable for the wrongdoings of another partner. Although an LLP can be used in many fields, it is most commonly used in law or accounting firms. The laws relating to an LLP differ significantly between countries, and even from state to state.

Use this term in a sentence

We had a limited liability partnership and I was glad for us because I honestly thought that was our best choice.

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The Limited Liability Partnership was functioning optimally and thriving, considering the low risk position of the partner, he was ecstatic.

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When starting their company they looked into different ways that the company could be formed. Since there was three partners, they decided to form a limited liability partnership.

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