Definitions for "LLP"
Limited Liability Partnership. Another name for a Limited Liability Company,...
Limited Liability Partnership. 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.
Unlike a traditional partnership, an LLP has a legal identity separate from that of its members. An LLP must be incorporated 'with a view to a profit' and must have at least two members, each member having limited liability. In many ways, the position of a member of an LLP is similar to that of a director of a limited company. However, they have greater responsibilities. Members will normally only be liable (upon the liquidation of an LLP) to the extent of their share of the LLP's assets. This limited liability is one of the great attractions of an LLP.
Keywords:  ltd, lend
Keywords:  loop, telephone, switch, local, offers
Local Loop Provider. Company that offers other companies accesses to a telephone switch.
Keywords:  lower, protocol, level
Lower Level Protocol