A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract.
A limited liability company (LLC) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership, and, under certain circumstances, LLCs may be organized as not-for-profit. In certain U.S. states, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC).
Incorporation is the formation of a new corporation. The corporation may be a business, a nonprofit organization, sports club, or a government of a new city or town.
In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee. The former may be further divided in public companies and private companies. Who may become a member of a private limited company is restricted by law and by the company's rules. In contrast, anyone may buy shares in a public limited company.
A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In a LLP, each partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from the traditional partnership under the UK Partnership Act 1890, in which each partner has joint and several liability. In a LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Unlike corporate shareholders, the partners have the right to manage the business directly. In contrast, corporate shareholders must elect a board of directors under the laws of various state charters. The board organizes itself and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporation's best interest. A LLP also contains a different level of tax liability from that of a corporation.
A private limited company is a type of business entity in "private" ownership used in many jurisdictions in contrast to "public" ownership, with some differences from country to country. Examples include LLC in the US, private company limited by shares in the UK, GmbH in Germany or společnost s ručením omezeným in the Czech Republic.
A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner.
A Kommanditgesellschaft is the German name for a limited partnership business entity and is used in German, Belgian, Dutch, Austrian and some other European legal systems.
The Limited Liability Partnerships Act 2000 (c.12) is an Act of the Parliament of the United Kingdom which introduced the concept of the limited liability partnership into English and Scots law. It created an LLP as a body with legal personality separate from its members which is governed under a hybrid system of law partially from company law and partially from partnership law. Unlike normal partnerships the liability of members of LLP on winding up is limited to the amount of capital they contributed to the LLP.
The Limited Liability Partnerships Act 2002 is an Act of the Northern Ireland Assembly which introduced the concept of the limited liability partnership into Northern Irish law, passed two years after the Limited Liability Partnerships Act 2000 introduced the concept into the law of England and Wales and Scots law.
There are many ways in which a business may be owned under the legal system of England and Wales.
An unincorporated entity has not been granted formal corporate status by incorporation. An unincorporated entity will generally be a separate entity for accounting purposes, but may or may not be a separate legal entity. For example, in partnerships in England and Scotland are separate entities for accounting purposes, but while English partnerships are not separate legal entities, in Scotland they are separate legal persons.
Professional corporations or professional service corporation are those corporate entities for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, public accountants and physicians. The general category of the PC or PSC can be as S-corporation, C-corporation, or LLC, but with subcategorization as a PC or PSC. Legal regulations applying to professional corporations typically differ in important ways from those applying to other corporations. Unlike a traditional corporation, operation as a professional corporation does not insulate a professional for personal liability for her own negligence or malpractice. The principal reason why groups of professions choose to organize as a professional corporation is that, unlike a general partnership, an owner is not personally liable for the negligence or malpractice of other owners. In some states a limited liability partnership offer the same benefit and thus should be considered as a possible business entity by professionals who are forming a business.
Dundas & Wilson LLP was a commercial UK law firm with offices in Edinburgh, Glasgow, London and Aberdeen.
Cluttons LLP is an International firm of chartered surveyors and property consultants based in Central London, UK and operating throughout Europe, the Middle East, Asia Pacific, India and South Africa. Established in 1765, Cluttons is one of the oldest established firms of Chartered Surveyors in the UK, and was an important firm during the establishment of the Royal Institution of Chartered Surveyors.
An international joint venture (IJV) occurs when two businesses based in two or more countries form a partnership. A company that wants to explore international trade without taking on the full responsibilities of cross-border business transactions has the option of forming a joint venture with a foreign partner. International investors entering into a joint venture minimize the risk that comes with an outright acquisition of a business. In international business development, performing due diligence on the foreign country and the partner limits the risks involved in such a business transaction.
Rodyk & Davidson LLP is Singapore's fourth largest law firm by headcount, with 200 lawyers who are qualified in various jurisdictions such as those of Singapore, Australia, England and Wales and India, and with offices in Singapore and Shanghai. It traces its beginnings to the partnership of Woods & Davidson, founded by Robert Carr Woods and James Guthrie Davidson in 1861. After the death of Woods, Bernard Rodyk joined Davidson in 1877. The firm was renamed Rodyk & Davidson.
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of a LLP shall not affect the existence, rights or liabilities of the LLP.
Malaysian Football League, also simply known as MFL was created in the course of privatisation of the Malaysian football league system. It was formerly known as Football Malaysia Limited Liability Partnership (FMLLP). The company operates and runs five entities in Malaysian football under its jurisdiction, which include Liga Super, the Liga Premier, the Piala Malaysia, the Piala FA and the Piala Sumbangsih. It aims to transform and move Malaysian football forward.
