what does LLP stands for?

Question

i see it a lot after a corporation's name...

Answer 1

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.
Stolen from Winipedia

Basically the partners can make some of their own decisions. this would not a IPO (publicly traded) corporation.

Answer 2

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The difference is PERSONAL property, vs. LLP property. Say, this apartment is owned by an LLP. Someone slips and suffered injury, sues the apartment for negligence. The non-negligent partner is not PERSONALLY liable, so his PERSONAL property (his house, his car, his other assets) will not be affected. The worst case: LLP goes bankrupt. He'll lose his investment in the LLP, but otherwise he is not personally affected. In other words, there is this barrier between the LLP and him. LLP is one entity, he is another entity. Suing the LLP does not affect HIM directly, other than he owns a piece of the LLP. The negligent partner may be held personally responsible, so his assets may be forfeit. If this was a sole-proprietorship, i.e. he owned the apartment personally, even if he had a manager who's actually negligent, he can still be sued as he is the owner, and his personal property (assets) can be seized to pay for damages.

Answer 3

Limited Liability Partnership

Answer 4

I'm going to take a guess at this. I believe LLP stands for "limited liability partnership".

Answer 5

Limited Liability Partnership. A form of corporation in which some of the partnert has limited liability (their liability extend only to their capital contribution) as oppose to a General partnership where all are liable even to the extent of their personal property and not merely limited to their capital contribution.

Answer 6

A Limited Liability Company (LLC) is a recognized business structure in all 50 states plus the District of Columbia. LLCs are gaining popularity with small business owners because they combine the advantages of a corporation with the tax advantages and management flexibility of a partnership.

Answer 7

Limited Liability Partnership - I know

Answer 8

the term "LLP" is an abbreviation for the word lollipop

Answer 9

limited liability partnership

i think....

Answer 10

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