Limited Liability Partnership

Limited Liability Partnership

A Limited Liability Partnership as defined by the Partnership and Business Name Law Chapter 116 is ‘a partnership that consists of one or more partners namely General Partners who are liable for all debts and obligations of the Partnership and, of one or more persons namely Limited Liability Partners, who at the time of forming the Partnership contributed a sum or sums to the Capital, or property valued at a fixed sum, and who are not liable for the debts or obligations of the Partnership beyond their fixed contribution.’