Limited Liability Partnership (LLP) Legal Meaning and Definition

Here is a simplified definition of the legal term Limited Liability Partnership (LLP).

Limited Liability Partnership (LLP) (noun): A type of business organization where all partners have the legal protection from being responsible for the debts and actions of the partnership or other partners. This means that each partner's personal assets are not at risk if the partnership encounters legal problems. This form of business structure is commonly used by professional groups such as law firms.