DEFINITION
Limited Liability Partnership

"Limited liability partnership": (LLP). A limited liability partnership shares many of the features of an unlimited partnership - but it also offers reduced personal responsibility to the partners for the business debts of the partnership. Unlike an unlimited partnership, the LLP itself is responsible for any debts that it runs up, not the individual partners. LLPs were first allowed in law in the UK under the Limited Liability Partnerships Act 2000.
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