CEFR C1

llp

noun

Meaning

A limited liability partnership, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Examples

The law firm converted to an LLP to protect its partners from personal liability.
Many accounting firms operate as LLPs, allowing partners to share profits and losses.

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llp (C1)

noun

Pronunciation: ˈɛl ˈɛl ˈpiː

Definition

A limited liability partnership, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Examples

The law firm converted to an LLP to protect its partners from personal liability.
Many accounting firms operate as LLPs, allowing partners to share profits and losses.

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