limited-liability partnership

A partnership in which a partner is not liable for a negligent act committed by another partner or by an employee not under the partner’s supervision.

• All states have enacted statutes that allow a business (typically a law firm or accounting firm) to register as this type of partnership. — Abbr. L.L.P. [Cases: Partnership 371. C.J.S. Partnership §§ 429, 431, 438.]