by Exotic Anime slime May 4, 2020
Get the Liability lar mug.(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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Lability.cc is a private forum with many categories full of videogames cheats, cheats configurations, coding tutorials/helps and much more. It was founded at autumn at 2019 as a simple project, with a goal to make own cheat. A forum is being moderated and managed by active moderators and forum posts are being checked by staff team, to prevent of malicious and dangerous software and keep members safe. It also got many amazing features, such as a CS:GO bans panel, own tools, VPN/proxy blocker and much more. Lability.cc is also using superior network solutions to keep their services online 24/7 and their servers are being hosted widely in whole Europe.
by buzerant August 16, 2020
Get the lability.cc mug.Someone who preys on your emotions, a person in your life that makes you sad even if you give them all the love you can afford.
by Ikena April 8, 2021
Get the Emotional liability mug.She was a real good labialicker!
by mrkungfu0812 July 30, 2010
Get the labialicker mug.by natalie sthoup July 28, 2010
Get the Liability mug.When a party is liable for all of the damage incurred by a third party after becoming excessively high on marijuana.
Jake decided to smoke a pack of joints, and, as all stoners do when they get high, he took a baseball bat to every car window on his block. Jake will be liable for the damage under the Several Joint Liability doctrine introduced by Justice Holmes in the landmark case Marley v. Jane.
by Billings Learned Hand November 22, 2012
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