what is a LLP company?

Answer 1

From Wikipedia:

A limited liability partnership (LLP) is 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.

Answer 2

It is an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the members will be limited.

Answer 3

Limited Liability Partnership.

Answer 4

Limited Liability Partnership.

Answer 5

"LP" generally stands for "limited partnership" in the US. "LLC" for "Limited Liability Corporation." Maybe someone is using LLP for "Limited Liability Partnership." Limited partnerships in the US are a cross between corporations (where all members have limited liability to the extent of their investment) and general partnerships (where all members are fully liable to the extent of their personal assets). In an LP the "limited members" are liable only to the extent of their investment and at least one "general partner" is fully liable to the extent of its assets.

Answer 6

Limited Liability Partnership.. It means that the partners within the firm are able to limit their liability in certain aspects

Answer 7

Bagmouss is correct. It also makes it easier for partners to come and go in the business because their liability is basically what they bought into the business with.

Answer 8

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