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Example of Limited Liability Partnership?
I know what general and limited partnerships are (and have examples), but I can't think of an example for a limited-liability partnership. Please help?!
Thanks!
If anyone has more, please post. :)
6 Answers
- SandyLv 71 decade agoFavorite Answer
Most professional firms are set up as LLPs, including the Big 4 accounting firms, and numerous law firms, e.g.
Ernst & Young (E&Y) LLP
PricewaterhouseCoopers LLP
Deloitte & Touche LLP
KPMG LLP
Cooper Christensen Law Firm, LLP
Bassett Law Firm LLP
Fischer Law Firm LLP
Hogan Lovells US LLP
- Anonymous5 years ago
For the best answers, search on this site https://shorturl.im/axtFa
The Limited Liability Partnership (LLP) is essentially a general partnership in form, with one important difference. Unlike a general partnership, in which individual partners are liable for the partnership's debts and obligations, an LLP provides each of its individual partners protection against personal liability for certain partnership liabilities. In 1991 Texas enacted the first LLP statute, largely in response to the liability that had been imposed on partners in partnerships sued by government agencies in relation to massive savings and loan failures in the 1980s. The Texas statute protected partners from personal liability for claims related to a copartner's Negligence, error, omission, Incompetency, or malfeasance. It also permanently limited the personal liability of a partner for the errors, omissions, incompetence, or negligence of the partnership's employees or other agents. By the mid-1990s, at least twenty-one states and the District of Columbia had adopted LLP statutes. Example: A partnership that renders specific professional services may form an LLP and register as a professional limited liability partnership (PLLP). A PLLP is generally the same as an LLP except that it is an association solely of professionals. Each state specifies the qualifying professions for a PLLP. This business form is typically available to attorneys, physicians, architects, dentists, engineers, and accountants. New York's LLP statute restricts eligibility solely to partnerships that render professional services.
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- 6 years ago
This Site Might Help You.
RE:
Example of Limited Liability Partnership?
I know what general and limited partnerships are (and have examples), but I can't think of an example for a limited-liability partnership. Please help?!
Source(s): limited liability partnership: https://tr.im/A9h47 - ?Lv 41 decade ago
Little accounting firm called PricewaterhouseCoopers.
http://www.pwc.com/gx/en/about-pwc
Look at the bottom of that page.