Limited liability partnership

1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).

A special form of partnership permitted in most provinces for use by identified professions that shield individual partners from some liabilities incurred by other partners and by the firm. In some provinces, like Ontario, partners are protected against most liabilities other than liabilities arising out of their own negligence or the negligence of employees and others under their direct supervision. In other provinces, like Alberta, partners in limited liability partnerships benefit from narrower protection. They are not liable for the negligence of other partners or employees except in limited circumstances, but remain liable for other obligations of the partnership. In all provinces, the firm’s assets may be used to satisfy claims arising out of actions by the partners See Ontario Partnerships Act ss. 10 and 44.1–44.4

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