Definition: [ˈlɪmɪtɪd ˌlaɪəˈbɪləti ˈpɑːrtnərʃɪp] is business structure for effective interaction in the team with a small number of staff. The responsibility of all participants for the debts and obligations is restricted by the amount of each partner’s contribution. The members could be both physical and legal persons. Nationality of partners and managers is no matter. In those countries where they are allowed to be created, LLP partnerships are completely exempted from the obligation to pay corporate income tax. LLP partnerships can be registered in the UK, USA, Singapore, Belize, Gibraltar and in some other jurisdictions.
Limited liability partnership in Sentences:
- British businessmen are increasingly using limited liability partnerships as effective schemes in terms of taxation.
- The main features of LLP are their greater flexibility and taxation on the principle of partnership.
Synonyms and related words: accountability partnership, obligation partnership, restricted responsibility partnership
