Definition: A partnership that has obtained the statutory LLP status providing specified protection against personal liability for partnership obligations.
Example
A qualifying partnership files the required statement to become an LLP under Florida law.
Keep the distinction clear
An LLP differs from an LLC and a limited partnership. The protection depends on law and status; it does not automatically eliminate liability for one's own conduct or separate guarantees.
Related terms
General Partnership · Limited Liability Company (LLC) · Limited Partnership
Keep studying
Corporation Sole, Sole Proprietorship, and Single-Owner Businesses
References: Florida Statutes 620.8306: partner liability · Florida Statutes 475.15: brokerage registration
Pronunciation (US): LIM-ih-tid lye-uh-BIL-uh-tee PART-ner-ship; el-el-PEE (capitals show stress)
Comments
0 comments
Article is closed for comments.