Limited liability partnership

LLPlimited liability partnershipsLLPsL.L.P.Limited liability partnerships in the United KingdomassociatesDechertLimited Liability Partnership firmsLimited-liability partnershipLLC
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.wikipedia
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Limited liability

limitedliabilitylimited-liability
In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation.
The same is true for the members of a limited liability partnership and the limited partners in a limited partnership.

Limited Liability Partnerships Act 2000

There is considerable difference between LLPs as constituted in the U.S. and those introduced in the UK under the Limited Liability Partnerships Act 2000 and adopted elsewhere. In the United Kingdom LLPs are governed by the Limited Liability Partnerships Act 2000 (in Great Britain) and the Limited Liability Partnerships Act (Northern Ireland) 2002 in Northern Ireland, with the rules governing this scheme consolidated across the UK with the Companies Act 2006, the latter coming into effect in 2009.
The Limited Liability Partnerships Act 2000 (c.12) is an Act of the Parliament of the United Kingdom which introduced the concept of the limited liability partnership into English and Scots law.

Limited partnership

L.P.limited partnerLP
Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor.
Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability.

Partnership

partnerpartnershipssilent partner
It therefore can exhibit elements of partnerships and corporations.
Most U.S. states have adopted a form of the Uniform Partnership Act, which includes provisions regulating general partnerships, limited partnerships and limited liability partnerships.

The Limited Liability Partnership Act, 2008

Limited Liability Partnership Act 2008
The Limited Liability Partnership Act 2008 was published in the official Gazette of India on 9 January 2009 and has been in effect since 31 March 2009.
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India.

Limited Liability Partnerships Act (Northern Ireland) 2002

2002 c. 12 (N.I.)Limited Liability Partnerships (2002 Act)
In the United Kingdom LLPs are governed by the Limited Liability Partnerships Act 2000 (in Great Britain) and the Limited Liability Partnerships Act (Northern Ireland) 2002 in Northern Ireland, with the rules governing this scheme consolidated across the UK with the Companies Act 2006, the latter coming into effect in 2009.
The Limited Liability Partnerships Act (Northern Ireland) 2002 is an Act of the Northern Ireland Assembly which introduced the concept of the limited liability partnership into Northern Irish law, passed two years after the Limited Liability Partnerships Act 2000 introduced the concept into the law of England and Wales and Scots law.

Gōdō gaisha

Godo Kaisha IP Bridgegodo kaishaGK
Japan also has a type of corporation with a partnership-styled internal structure, called a godo kaisha, which is closer in form to a British LLP or American limited liability company.
The only limited liability business which receives pass-through tax treatment in Japan is the limited liability partnership.

Limited liability company

LLClimited liability companieslimited liability corporation
Japan also has a type of corporation with a partnership-styled internal structure, called a godo kaisha, which is closer in form to a British LLP or American limited liability company.

Limited liability limited partnership

LLLP
Some US states have combined the LP and LLP forms to create limited liability limited partnerships.
Certain LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, for example) while in other states the election is made in the certificate of limited partnership (examples being Florida, Hawaii and Kentucky).

Société à responsabilité limitée

SARLSàrls.a.r.l.
Since the enactment of the loi du 11 juillet 1985, the SARL consists of two variants: the SARL pluripersonnelle (with at least two associates), and the EURL (one associate).

Limited company

LimitedLtdlimited liability companies
As with a limited company or a corporation, members in an LLP cannot, in the absence of fraud or wrongful trading, lose more than they invest.

Professional corporation

P.C.PCProfessional corporations
In some states a limited liability partnership offer the same benefit and thus should be considered as a possible business entity by professionals who are forming a business.

Uniform Partnership Act

Revised Uniform Partnership Act
Limited liability partnerships emerged in the early 1990s: while only two states allowed LLPs in 1992, over forty had adopted LLP statutes by the time LLPs were added to the Uniform Partnership Act in 1996.

Corporation

corporatecorporationsincorporated
It therefore can exhibit elements of partnerships and corporations. As with a limited company or a corporation, members in an LLP cannot, in the absence of fraud or wrongful trading, lose more than they invest.

Partnership Act 1890

This is an important difference from the traditional partnership under the UK Partnership Act 1890, in which each partner has joint (but not several) liability.

Yukon

Yukon TerritoryYKYT
All provinces—except Yukon, Prince Edward Island, and Nunavut—permit LLPs for lawyers and accountants.

Prince Edward Island

PEPEIP.E.I.
All provinces—except Yukon, Prince Edward Island, and Nunavut—permit LLPs for lawyers and accountants.

Nunavut

NUGovernment of NunavutNunavut Territory
All provinces—except Yukon, Prince Edward Island, and Nunavut—permit LLPs for lawyers and accountants.

British Columbia

BCBritish Columbia, CanadaB.C.
In British Columbia, the Partnership Amendment Act, 2004 (Bill 35) permits LLPs for lawyers, accountants, and other professionals, as well as businesses.

Partnership (China)

Special general partnership
In China, the LLP is known as a Special general partnership .

Professional liability insurance

professional indemnity insurancemalpractice insuranceErrors and Omissions Insurance
The partners, however, are jointly and severally liable for all the partnership's debts, except when only some partners' misconduct caused damages to another party — and then only if professional liability insurance is mandatory.

Advocate

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