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.
A type of partnership that protects a partner from personal liability for negligent acts committed by other partners or by employees not under his or her direct control. Although this type of partnership is recognized in a majority of states, it is normally restricted to lawyers, accountants, architects, healthcare providers, and other professionals.
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. Usually restricted to professionals, such as lawyers, accountants, architects and healthcare providers.
Essentially a hybrid between general and limited partnerships. A limited liability partnership allows partners to limit their liability so that each partner would not be personally liable for the negligent acts of the other partners.
(LLP) A statutory form of partnership having the characteristics of an LLC, but reserved for certain professionals In California, these include attorneys, accountants and architects only. The professions affected vary from state to state. To learn more about LLP's, click here. To learn more about LLP's, click here.
A partnership very similar in intent and structure to a General Partnership.
A type of general partnership with some limitation of liability under state law
A partnership in which the liability of all partners is limited. Generally, the partners are not responsible for the debts, obligations, or liabilities of the partnership resulting from the actions or negligence of another partner, employee or agent of the partnership.
Basically a general partnership in which each individual partner remains liable for his or her own malpractice and the liabilities arising out of the wrongful acts or omissions of those they supervise, but has a liability shield (varying by state) for claims against partners that arise from obligations of the partnership. Typically used by professionals such as accountants or attorneys.
A special type of partnership regulated by the Limited Liability Partnership Act 2000.
A business relationship in which one partner is not responsible for the negligent acts committed by another partner or by the employees not under that partner’s supervision. LLPs are most common among law firms.
A general partnership that affords limited liability protection to its partners. Normally used by professional firms.
A general partnership that registers with the state in which it is formed and thereby shields its partners, under state law, from personal liability for certain liabilities of the partnership.
A hybrid form of organization in which all partners enjoy limited liability for the business's debts. It combines the limited liability advantage of a corporation with the tax advantages of a partnership.
Allows partners in a firm to limit their liability so they are not personally liable for negligent acts of other partners.
GENERAL PARTNERSHIP which, via registration with an appropriate state authority, is able to enshroud all its partners in limited liability. Rules governing LLPs vary significantly from state to state.
A limited liability partnership (LLP) elements of partnerships and corporations. In an LLP, all partners have a form of limited liability, similar to that of the shareholders of a corporation. However, the partners have the right to manage the business directly, and (in many areas) a different level of tax liability than in a corporation.