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
- Financial management. A combination of enterprise efforts undertaken in order to procure and utilize monetary resources of the enterprise.
