A type of partnership which extends limited personal liability to all partners, including general partners. Operates in similar fashion to a Limited liability company (LLC).
Definition from Nolo’s Plain-English Law Dictionary
A type of partnership recognized in a majority of states that protects a partner from personal liability for negligent acts committed by other partners or by employees not under his or her direct control. Some states also protect partners from personal liability for contract breaches or intentional torts. Some states restrict this type partnership to professionals, such as lawyers, accountants, architects, and health care providers.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:19 pm