Partnership
Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability. |
Similar financial terms
Master limited partnership (MLP)A publicly traded limited partnership.
Limited partnership
A partnership that includes one or more partners who have limited liability.
Limited liability partnership (LLP)
A form of the LLC favored and used for professional associations, such as accountants and attorneys.
Limited liability limited partnership (LLLP)
Intended to protect the general partners from liability. Previously, the general partner was a corporation to protect the principals from personal liability. Under the LLLP, an individual could be a general partner and have limited personal liability.
