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.
Limited Liability Partnership. 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.
The Lead Logistics Partner is a third party logistics (3PL) provider, who controls the outsourced supply chain elements.
Local Learning Partnership
Lifelong Learning Plan. Allows an RRSP account holders to withdraw a total of $20,000 net of DSC ($10,000 max. per year) for you or your spouse's post-secondary education. Withdrawals that meet all applicable LLP conditions do not have to be included as income, and AGF will not withhold any taxes on the withdrawal. In order to request this withdrawal from AGF an RC96 form is required.
Limited Liability Partnership. 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.
The designation, now used by each of the Big Four accounting firms, stands for limited liability partnership.
Lifelong Learning Plan. The Lifelong Learning Plan (LLP) allows you to withdraw amounts from RRSPs to finance training or education for you or your spouse or common-law partner. You cannot use the RRSP funds to finance a child's education, such as your child or the child of your spouse or common-law partner.
Lifelong Learning Plan. A government program that allows you to make a tax-free withdrawal from your RRSPs to pay for your own education or that of your spouse or common-law partner. You have 10 years to repay this money back into your RRSPs. For more information on the LLP and some practical examples, please click here.
Limited Liability 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.
(Limited Liability Partnership) This type of partnership protects individual partners against personal liability for certain partnership liabilities. Members are allowed to take an active role in the business, without being exposed to personal liability for the actions of others. Many law and also accounting firms now operate as LLPs.
Limited Liability Partnership. 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.
Limited liability partnership. A form of the LLC favored and used for professional associations, such as accountants and attorneys.
Limited Liability Partnerships. Are a form of business organization combining 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. Limited liability partnerships are distinct from limited partnerships, in that limited liability is granted to all partners, not to a subset of non-managing "limited partners." As a result the LLP is more suited for businesses where all investors wish to take an active role in management. However, some US states have combined the two forms to create limited liability limited partnerships. Although found in many business fields, the LLP is an especially popular form of organization among professionals, particularly lawyers, accountants and architects. In some U.S. states (including California and New York), LLPs can only be formed for such professional uses.
limited liability partnership. 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.
Limited Liability Partnership — a type of corporate entity in the United States
Limited Liability Partnership. 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.
See LIMITED LIABILITY PARTNERSHIP.
Lead Logistics Partner - organizes other 3rd party logistics partners for outsourcing of logistics functions - see 4PL.