limited liability partnership
noun
: a partnership in which the partnership is liable as an entity for debts and obligations and the partners are not liable personally
Example Sentences
Recent Examples on the Web Mobile Greyhound Racing is a limited liability partnership that is affiliated with the Poarch Band of Creek Indians. 
Mike Cason | Mcason@al.com, al, 19 Oct. 2020
Mike Cason | Mcason@al.com, al, 19 Oct. 2020 Word History
First Known Use
1980, in the meaning defined above
Legal Definition
limited liability partnership
see partnership