Limited Liability Partnership
From LawDepot Law Library
Definition of "Limited Liability Partnership"
A limited liability partnership is a partnership consisting of one or more general partners and one or more limited liability partners. A general partner actively manages the business and may contribute capital to the partnership. A general partner has unlimited liability for the debts and obligations of the business. A limited partner will contribute capital to the partnership but will have no active role in running the business. The liability of a limited liability partner is limited to the amount of capital they contributed to the partnership.
