Company forms & group structures · Core
Limited liability partnership
Also called: LLP
ELI5
A partnership form that limits some or all partners' personal liability under applicable law.
Used in conversation
“Can we state who receives the right created by limited liability partnership, and when it applies?”
Pitch context
You will see “Limited liability partnership” in board papers, contracts, policies, risk registers and compliance reports when the discussion reaches company forms & group structures.
Why it matters: In company forms & group structures, a loose definition can change rights, obligations, approval, disclosure or enforceability.
Caution
Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.
Sources & evidence · 3
Direct term-level sources and supporting source families.
- OECD — G20/OECD Principles of Corporate Governance 2023Direct source · institutional · checked 2026-08-16
- U.S. Securities and Exchange Commission — EDGAR and filing resourcesDirect source · primary · checked 2026-08-16
- National Institute of Standards and Technology — Computer Security Resource Center GlossarySupporting source family · primary · checked 2026-08-16