Usually you associate the term 'LLP' with US Business Lawyers, but I noticed recently that UK lawyers are using the same term for themselves. I firstly assumed that this was because US businesses were setting up UK offices, but I guess the term is common to either side of the Atlantic.
LLP actually stands for Limited Liability Partnership - It is because law businesses are not allowed to be public limited companies (Plc), that they must remain as a partnership, each partner having a limited personal libility for the business. Of course, this means that any partnership with limited liability may call itself 'LLP', but mostly the term is associated with lawyers and attourneys.
Wednesday 1 June 2011
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