limited liability partnership
limited liability partnership see partnership

Merriam-Webster’s Dictionary of Law. . 1996.

limited liability partnership
a new kind of legal entity through which business may be carried on in the UK with effect from 6 April 2001. It is a cross between the limited company and the partnership. It will permit two or more people to combine to carry on business in partnership but will give them the benefit, which normal partnership does not, of limiting their liability to creditors. The limited liability partnership will be a separate entity from its partners and will have to be registered with the Registrar of Companies. At the time of writing, detailed regulations governing them are still being drafted, but the government has announced that they will be treated for tax purposes like conventional partnerships.

Collins dictionary of law. . 2001.


limited liability partnership
(LLP)
A type of partnership recognized in a majority of states that protects a partner from personal liability for negligent acts committed by other partners or by employees not under his or her direct control. Some states also protect partners from personal liability for contract breaches or intentional torts. Some states restrict this type partnership to professionals, such as lawyers, accountants, architects, and health care providers.
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.

Nolo’s Plain-English Law Dictionary. . 2009.

limited liability partnership
limited liability partnership (LLP)
Introduced in April 2001 by the Limited Liability Partnerships Act 2000, a hybrid form of business entity: it is neither a partnership nor a company. Like a company, an LLP is a body corporate and therefore a separate legal entity and an LLP member's liability is limited. However, like a partnership the relationship between the LLP members is governed by private agreement. An LLP does not have shareholders or directors and is taxed like a partnership.
For further information, see the Companies House website.
Related links
The Limited Liability Partnerships Act 2000

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


limited liability partnership
A form of general partnership that provides an individual partner protection against personal liability for certain partnership obligations.

Dictionary from West's Encyclopedia of American Law. 2005.


limited liability partnership
A form of general partnership that provides an individual partner protection against personal liability for certain partnership obligations.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

Look at other dictionaries:

  • Limited Liability Partnership — (LLP) ist eine Rechtsform der Personengesellschaften nach britischem/amerikanischem Recht. Am ehesten ist diese Gesellschaftsform mit einer (im deutschen Recht nicht denkbaren) Kommanditgesellschaft ohne Komplementär zu umschreiben. Der… …   Deutsch Wikipedia

  • limited liability partnership — UK US noun [C] US LAW ► LLP(Cf. ↑LLP) …   Financial and business terms

  • Limited liability partnership — A limited liability partnership (abbreviated as LLP) has elements of partnerships and corporations. In an LLP, all partners have a form of limited liability for each individual s protection within the partnership, similar to that of the… …   Wikipedia

  • limited liability partnership — A legally recognized entity under the Limited Liability Partnership Act (2000). This type of business organization is intended to combine the flexibility of a traditional partnership with the corporate notion of limited liability. Persons… …   Accounting dictionary

  • limited liability partnership — A legally recognized entity under the Limited Liability Partnership Act (2000). This type of business organization is intended to combine the flexibility of a traditional partnership with the corporate notion of limited liability. Persons… …   Big dictionary of business and management

  • limited liability partnership — (LLP)    A type of partnership that offers protection to each partner from personal liability for negligent acts committed by any other partner or by an employee not under his or her direct control. LLPs are recognized in most states, but are… …   Business law dictionary

  • limited liability partnership — noun Date: 1980 a partnership in which the partnership is liable as an entity for debts and obligations and the partners are not liable personally …   New Collegiate Dictionary

  • Limited liability — is a concept whereby a person s financial liability is limited to a fixed sum, most commonly the value of a person s investment in a company or partnership with limited liability. A shareholder in a limited company is not personally liable for… …   Wikipedia

  • Limited Liability Company — (LLC) ist in ihrer Grundform eine US amerikanische Kapitalgesellschaft. Die Gesellschafter können zu einer Qualifizierung als Personengesellschaft optieren. Bei der LLC haftet kein Beteiligter persönlich. Sie ist daher am ehesten als eine… …   Deutsch Wikipedia

  • Limited liability company — This article is about a U.S. specific business entity form. For limited liability companies in the United Kingdom, see Limited company. For a general discussion of entities with limited liability, see Corporation …   Wikipedia

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