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Limited liability partnership
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Term: limited liability partnership

1.

A limited liability partnership ('LLP') shares features of limited liability companies and unincorporated partnerships. Limited liability partnerships enjoy the protections of limited liability that exist in English company law and is subject to lower taxation rates than companies.

Usage: The limited liability partnership commenced trading in the textiles market.

Related Words: company; partnership; sole trader; limited company; public company; Registrar of Companies.


 

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