Limited liability partnership
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Revision as of 19:34, 3 May 2022 by Alpha (Talk | contribs) (Created page with "A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporatio...")
A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence. In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation.[1] Unlike corporate shareholders, the partners have the power to manage the business directly. In contrast, corporate shareholders must elect a board of directors under the laws of various state charters.
