(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).
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
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Derived from the arabic for La Baiq, which means, "come to the house". Ridiculously distorted to mean Lab biq, meaning a laboratory pen. The name reflects a moronic, self centered, idiotic and pathetic personality of the name holder.
Labbiq is a moron, meaning the pen is a moron. As you can see it sounds utterly rediculous! Reflecting upon the name holder.
by ks December 30, 2003
Get the labbiq mug.Someone who is aroused merely by passages, characters, or sexually charged thematic messages in Literature.
A: Have you read All the King's Men by Robert Penn Warren yet?
B: Why, yes I have, and I blame Jack Burden for my libriphilia.
B: Why, yes I have, and I blame Jack Burden for my libriphilia.
by thebookthief11 August 24, 2009
Get the Libriphilia mug.Sex of any sort, mainly vaginal or anal as to cause thumps on a wall or such, in the library shelve area.
Guy 1:Dude, i just had a librical thump!
Guy 2:What? Howd you pull that off?
Guy 1:No one goes to the autobiography section.
Guy 2:Nice
Guy 2:What? Howd you pull that off?
Guy 1:No one goes to the autobiography section.
Guy 2:Nice
by Mr Fergison May 28, 2010
Get the librical thump mug.The act of losing control of your mind as if pushed over the edge. Freaking out. It can also be an outburst of intense emotion.
"He was just libbsin it after he saw his idol, Chris Cornell."
"I have an essay due in 2 hours and I'm libbsin it."
"He just libbsed it when the new Star Wars movie was announced."
"After endless hours of searching through different comic book stores, he was libbsin it when he found the issue he needed to complete his collection."
"I have an essay due in 2 hours and I'm libbsin it."
"He just libbsed it when the new Star Wars movie was announced."
"After endless hours of searching through different comic book stores, he was libbsin it when he found the issue he needed to complete his collection."
by isuh April 22, 2013
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