limited liability partnership


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limited liability partnership

n. Abbr. LLP
A business partnership in which the liability of all of the partners is limited to the capital they have invested.
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He said: "This is a considerable and positive change for Dains as it reduces exposure to external risks, as was intended by the introduction of the Limited Liability Partnership Act 2000.
95-55,(10) the IRS held that a general partnership registered as a New York registered limited liability partnership (RLLP) was a partnership for Federal tax purposes.
The change coincides with the firm's transition to a limited liability partnership.
Fast growing property consultant GVA Grimley has converted to a limited liability partnership.
In addition, there are full and limited liability partnership entities.
With the introduction of the Limited Liability Partnership Act in 2000, the first law firm formally adopted LLP status in July 2001.
Even more recently, the limited liability partnership (LLP) business structure has become available.
The Fiducia Pool 2004 Limited Liability Partnership is raising up to pounds 6.5 million in partnership units of a minimum of pounds 250,000, increasing in multiples of pounds 50,000 to be invested in commercial or mixed-use property projects.
And Birmingham accountants Friend & Co are also to become a Limited Liability Partnership, from June 1.

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