Limited liability partnership

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Limited liability partnership (also known by its acronym, LLP) is a legal entity that combines the limited liability advantage of a corporation with the tax advantages of a partnership.


Definitions

According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),

Limited liability partnership (LLP). Combines the limited liability advantage of a corporation with the tax advantages of a partnership.

Related concepts

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