Citation Use the citation options below to add these abbreviations to your bibliography. Powered by CITE. Underground Freak Out. Unidentified Flying Object. Un-Finished Object. Unidentified Flipping Object. Browse Abbreviations. Get instant explanation for any acronym or abbreviation that hits you anywhere on the web! Two clicks install ». Download Close. Rate it:. Lifelong Learning Plan Community » Educational. Lower Level Protocol Governmental » Military.
Low Lunging Punch Miscellaneous » Funnies. Let's Loot People Miscellaneous » Funnies. Limited Liability Partnerships Miscellaneous » Unclassified. Loan Loss Provisions Miscellaneous » Unclassified. Lead Logistics Provider Business » Logistics -- and more Lifelong Learning Partnerships Community » Educational. Long letter pals Miscellaneous » Unclassified. Lets Loot People Computing » Texting. Traditional partnerships do not receive the same protection as LLPs , and partners can be held personally liable for debts incurred by the business if it is not incorporated into a LLP.
Additionally, clients engage in business with the partners individually rather than the partnership as an entity. Although limited liability partnerships and limited companies may appear to be similar at first glance, there are significant differences between the two:. The limited liability partnership agreement should set out how the business will operate, including the profit-sharing arrangements, how disputes will be settled, and the responsibilities of members.
You need to choose a business name that is unique and not similar to any other business. A registered address will need to be included on the incorporation document, as well as:.
An LLP can be registered electronically, by post, or using a third party formations company. An LLP is owned by its members who have certain responsibilities, including acting in accordance with the partnership agreement. Designated members take on additional responsibilities, which include:. We provide reliable independent advice and will help you establish whether this is the best business structure for your purposes. We offer free same-day consultations , and operate from over 70 local offices.
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Everything's Better with Friends. Having business partners means spreading the risk, leveraging individual skills and expertise, and establishing a division of labor. LLPs are common in professional business like law firms, accounting firms, and wealth managers. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
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