limited liability partnership (LLP)

module 1 ; partnerships

LLP def

group of “classic professionals” that came together to form a business

LLP features

can only be used by classic professionals,

LLP registration

governed by Alberta partnership act, must register with service Alberta registrar, must be authorized by the professions governing body

LLP liability

only liable for your own actions not the actions of your partners or employees, can be held liable if you directly supervised another’s negligence, LLPs often hold liability insurance