limited liability partnership

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.

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