There are several businessmen that seek to find out about a limited liability partnership before registering a firm. Limited liability partnership definition pertains to a system where in partners within the partnership can collaborate without their liability becoming unlimited. Entrepreneurs would be able to utilize their knowledge of limited liability partnerships in determining the form that will be used in managing the firm and in allowing its growth. One of the most common questions asked by entrepreneurs in the process of establishing a business firm is what does LLP stand for? There may be certain circumstances where a limited liability limited partnership can be utilized.