# Limited liability partnership

> Limited liability partnership — A partnership that gives limited liability to every partner, not only the limited ones. Formed under state law, which sets who may use it.

Source: https://lopifi.com/glossary/limited-liability-partnership
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is limited liability partnership?** In accounting, limited liability partnership means a partnership that gives limited liability to every partner, not only the limited ones. Formed under state law, which sets who may use it.

## Also known as

- LLP

## Words this system refuses for it

- LP (where one partner stays fully liable)

- **Category:** Entity types
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Related:** liability