Limited Liability Partnership. 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.

Use LLP in a sentence

You may want to enter into a LLP with someone if you trust that they will have your best interests at heart.

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The LLP provided an insurance against going broke for the founders who were starting the unique and innovative new company.

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When starting a business it is important to protect your assets. When you're sue you might lose everything you own. However, with a LLP you don't have to. A LLP can be thought of as a layer of protection between you, your business, and your personal assets. When you're sue everything you had put into the business has a chance of being taken away from you. How, your personal assets, things you didn't put into the business, or safe and sound.

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