2007-03-20 16:34:16 · 5 answers · asked by mownie_t 1 in Politics & Government ➔ Law & Ethics
Limited Liability Partnership
2007-03-20 16:37:51 · answer #1 · answered by CPA Diva 2 · 1⤊ 0⤋
Limited Liability Partnership, is a form of protection afforded to professional practices (legal,medical) that protects the actual individuals from law suits. You wouldn't sue John Smith you would sue Smith & Smith L.L.P. It works on the same premise as a corporation in effect the corporation or practice is an artificial entity.
2007-03-20 23:40:30 · answer #2 · answered by dellptn 2 · 2⤊ 0⤋
L.L.P. = Limited Liability Partnership
2007-03-20 23:38:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends on what state you are in. LLP can mean either limited liability partnership or limited liability practice. These are ways to limit a person's personal liability for the actions of the firm, business, or joint venture.
2007-03-20 23:41:58 · answer #4 · answered by msi_cord 7 · 1⤊ 0⤋
Limited liability partnership. It is in a business sense. It should not affect the person retaining an attorney.
2007-03-21 00:35:12 · answer #5 · answered by Valerie 6 · 0⤊ 0⤋