Definition, Meaning & Synonyms
llp
Noun
/ˌɛl.ɛl.ˈpiː/
Definition
Limited Liability Partnership
Examples
- Many law firms operate as LLPs to protect individual partners from personal liability.
- In an LLP, each partner’s liability is generally limited to their investment in the firm.
Meaning
A form of business organization in which two or more individuals manage a business and have limited liabilities.
Synonyms
- Limited Liability Company (LLC)
- Professional Limited Liability Partnership (PLLP)
