Terms Used In N.Y. Partnership Law 121-1501

  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

The name of each registered limited liability partnership shall contain without abbreviation the words “Registered Limited Liability Partnership” or “Limited Liability Partnership” or the abbreviations “R.L.L.P.”, “RLLP”, “L.L.P.” or “LLP”; provided, however, the partnership may use any such words or abbreviation, without limitation, in addition to its registered name.