| gen. |
limited liability partnership (A legally recognized entity under the Limited Liability Partnership Act (2000). This type of business organization is intended to combine the flexibility of a traditional partnership with the corporate notion of limited liability. Persons intending to set up a limited liability partnership must register it with Companies House There are also several disclosure requirements that are similar in nature to those required by companies. Much of the pressure for this change in the law was led by accountancy and audit partnerships, wishing to limit the liability of partners against claims for negligence. OB&M Alexander Demidov) |
