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Simple English definitions for legal terms

limited liability partnership (LLP)

Read a random definition: clergyman–penitent privilege

A quick definition of limited liability partnership (LLP):

A limited liability partnership (LLP) is a type of partnership where each partner is only responsible for their own actions and debts, and not those of the other partners. This means that if the partnership owes money or is sued, each partner is only responsible for their share of the debt or damages. LLPs are often used by professionals and larger partnerships, and can be structured in different ways to give each partner different levels of control and profits. However, if the partners act improperly and try to cheat creditors, they may lose their limited liability protection.

A more thorough explanation:

A Limited Liability Partnership (LLP) is a type of partnership where each partner has limited personal liability for the debts of the partnership. This means that partners are not responsible for the tortious damages of other partners, but they may be responsible for contractual debts depending on the state. LLPs are popular for larger partnerships, especially for professionals, and some states only allow professionals to use the LLP format.

An LLP must have at least two partners, but it has flexibility in structuring how much control and proceeds each partner retains. Almost all decisions in an LLP can be allocated to certain partners except those involved in changing the partnership agreement, which require approval from all partners.

Unlike with limited partnerships, LLPs allow limited liability even if partners remain involved in the management of the business. However, if a court finds that the partners attempted to undermine creditors, such as with improper distributions, the court may pierce the veil of limited liability to claw back funds for creditors. The actions that would trigger such treatment require a case-by-case analysis with the relevant state laws.

Example 1: A group of lawyers decides to form an LLP to provide legal services. Each lawyer has limited liability for the debts of the partnership, so if the partnership is sued, the lawyers' personal assets are protected.

Example 2: A group of doctors decides to form an LLP to open a medical practice. Each doctor has limited liability for the debts of the partnership, so if the practice is sued, the doctors' personal assets are protected.

These examples illustrate how an LLP can be used by professionals to protect their personal assets while still allowing them to work together in a partnership.

limited liability company (LLC) | limited partnership

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ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
llama
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
NemoPropheta
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
NemoPropheta
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
llama
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
llama
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
llama
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
RasheedWallaceFan
12:52
@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?
RasheedWallaceFan
12:53
do you have C&F issues or something?
RasheedWallaceFan
12:55
also ur first choice is kansas but you didnt apply there?
llama
12:55
@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10
llama
12:57
@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr
NemoPropheta
12:58
are you R&Ring?
llama
13:00
No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.
RasheedWallaceFan
13:10
oh so you submitted the apps with a lower lsat and then retook
RasheedWallaceFan
13:10
got it
Bettercaulsaul
13:33
Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher
ParallelAgreeableOrangutan
13:34
I vote NEL-Boston so we can be friends :D
ParallelAgreeableOrangutan
13:34
But it says you withdrew?? :(
ParallelAgreeableOrangutan
13:41
@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms
llama
2:21
While I am unsure of what option you are referring to, I personally just emailed each school and asked for them to hold my app pending my lsat score release.
llama
2:22
Sorry WNE = Western New England not NEL|B
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