Limited Liability Partnership
A legal entity that is a cross between a partnership and a limited company. As a legal entity the partnership can enter into contracts in its own right, in the same way that a company can. This also means that the partnership bares the liability and the risk for that contract, rather than the partners personally - which they would under a traditional partnership. Like a traditional partnership two or more people can set up a limited liability partnership. Due to their dual nature limited liability partnerships are governed by the Limited Liability Partnership Act 2000 and the Companies Act 1985.
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