limited liability partnership

(US BUSINESS LAW) a type of business organization which is a cross between a partnership and a corporation. In a private partnership, all of the partners own all the assets in common and have unlimited liability; in a corporation, the firm assets are owned by a legal "person," and shareholders are liable only for the value of their stake (equity) in the firm.

Partnerships have higher risk for members, but their management can disclose a lot less and the taxes are lower. Limited/limited liability partnerships represent a compromise.

In a limited partnership, one or more of the partners has unlimited liability ("general partners") and the others have liability limited to their equity stake in the firm ("limited partners"). A limited partnership is indicated by the initials "LP" after the name, e.g. Apollo Management, LP.

In a limited liability partnership, all members have limited liability; specifically, the other partners of the LLP are shielded from torts for malpractice against the other partners, BUT they are legally responsible for financial claims against the whole organization. LLP liability varies somewhat by state law (several US states do not permit LLP's at all), and somewhat by the terms of the LLP agreement for that particular partnership.

Apologies to Urban Dictionary for an error in the definition of private equity fund and hedge fund: both types of fund are almost never LLP's; they are often limited partnerships (LP's).

The limited liability partnership is a popular form of business organization for lawyers and other professionals.

by Abu Yahya September 2, 2010

Liamism

When rude or racist to someone named Liam or William

"Liam u suck!"
"Liamism!"

by EnglishBoi123 January 24, 2023

lamiglasting

also known as laminating

"Everyone needs to get their DOT card lamiglasted"
"I am lamiglasting my DOT card right now"

by Shane N January 7, 2009

Lhamilton

A strange and obscene mix of a lamb, a cow, and a hippopotamus. Usually Lhamiltons only come outside during night time to make ginger snaps and email people who are already asleep. Sometimes they enjoy long walks on the internet. They exist.

I cannot nullify the existence of Lhamilton.

Whoa, did you see that Lhamilton? What a ba-aad Lhamilton!

by Duckydoodles January 11, 2012

laminites

The people who live and play in picture frames at the store, before you take them out and out your personal photos in.

Check out how happy these Laminites look in this 3 x 5. I bet they actually hate their lives.

by BamaBound December 20, 2017

LAMIGOES

Friends for Life / Friends who travel together for Life.

This word is Derived from 'Los Amigos' + 'Goes'. 'Los Amigos' in Spanish means 'The Friends'.

If you want to Understand The True meaning of Friendship, then There is no better example than John and Joe coz, they are LAMIGOES!

by SOCIAL SAINT June 7, 2018

Laminar flow

When you suspect that you have diarrhea and your suspicions turn out to be correct, however, once you release it turns out to be rather soothing! You get instant relief, no pellet-gun-like velocity, not much upward splattering, and to your pleasant surprise, very little toilet paper consumption to clean up. More oily grease than shit. The only downside is that it smells like a combination of penicillin and methane, with a hint of wide-open ass. Flushes clean. Very little evidence that anything remarkable took place in the airport stalls. Leaves you wondering if that was, indeed, the highlight of your month so far. It is the simple things in life.

Jesus Christ, for all the noise I heard 5-mins ago from my corner office, adjacent to the women’s restroom, Darcy must have had laminar flow. I can only smell air freshener and Z-Pack. All clear! Y’all can come in and pee. (Many of the office girls were drinking vodka at lunch, thus the pent-up demand).

by Weinsist June 29, 2018