LIMITED LIABILITY PARTNERSHIP (LLP)
\lˈɪmɪtɪd lˌa͡ɪəbˈɪlɪti pˈɑːtnəʃˌɪp ˌɛlˌɛlpˈiː], \lˈɪmɪtɪd lˌaɪəbˈɪlɪti pˈɑːtnəʃˌɪp ˌɛlˌɛlpˈiː], \l_ˈɪ_m_ɪ_t_ɪ_d l_ˌaɪ_ə_b_ˈɪ_l_ɪ_t_i p_ˈɑː_t_n_ə_ʃ_ˌɪ_p__ ˌɛ_l_ˌɛ_l_p_ˈiː]\
Definitions of LIMITED LIABILITY PARTNERSHIP (LLP)
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A type of 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. Many states restrict this type partnership to professionals, such as lawyers, accountants, architects and healthcare providers.
By Oddity Software
