Limited Liability Partnership (LLP)

Limited Liability Partnership (LLP) Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Limited Liability Partnership (LLP) in a way that is easy for anybody to understand: GENERAL PARTNERSHIP which, via registration with an appropriate state authority, is able to enshroud all its partners in LIMITED LIABILITY. Rules governing LLPs vary significantly from state to state.