Definitions for "Limited Liability Partnership"
LLP. Another name for a Limited Liability Company, often used by professional...
A form of organization in which the individual partners are protected from the liabilities of the other partners. These entities are considered partnerships for both federal and state tax purposes.
A limited liability partnership is a vehicle intended for professional firms in which all partners may be involved in management but the partnership as a whole has a stated paid up capital, against which creditors may mount an action. It should be noted that in a limited liability partnership there is no limit in respect of claims of negligence against individual partnership members but the claim against the whole partnership would ipso facto be of a defined maximum amount.
An entity recognized as a legal "person" that is set up to conduct a business owned and run by professioinals, such as attorneys or doctors.