Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.

Nolo’s Plain-English Law Dictionary. . 2009.

Introduced in April 2001 by the Limited Liability Partnerships Act 2000, a hybrid form of business entity: it is neither a partnership nor a company. Like a company, an LLP is a body corporate and therefore a separate legal entity and an LLP member's liability is limited. However, like a partnership the relationship between the LLP members is governed by private agreement. An LLP does not have shareholders or directors and is taxed like a partnership.
For further information, see the Companies House website.
Related links
The Limited Liability Partnerships Act 2000

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Limited Liability Partnership

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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