llp

live long and prosper

Stands for ‘Long Live Pop Smoke’. Pop Smoke was a rapper who was shot dead in a home invasion February 19, 2020.

A fly/hip girl normally found on a college campus with a unique sense of humor.

(US BUSINESS LAW) limited liability partnership; a type of business organization which is a cross between a partnership and a corporation. In a private partnership, all of the partners own all the assets in common and have unlimited liability; in a corporation, the firm assets are owned by a legal "person," and shareholders are liable only for the value of their stake (equity) in the firm.

Partnerships have higher risk for members, but their management can disclose a lot less and the taxes are lower. Limited/limited liability partnerships represent a compromise.

In a limited partnership, one or more of the partners has unlimited liability ("general partners") and the others have liability limited to their equity stake in the firm ("limited partners"). A limited partnership is indicated by the initials "LP" after the name, e.g. Apollo Management, LP.

In a limited liability partnership, all members have limited liability; specifically, the other partners of the LLP are shielded from torts for malpractice against the other partners, BUT they are legally responsible for financial claims against the whole organization. LLP liability varies somewhat by state law (several US states do not permit LLP's at all), and somewhat by the terms of the LLP agreement for that particular partnership.

Apologies to Urban Dictionary for an error in the definition of private equity fund and hedge fund: both types of fund are almost never LLP's; they are often limited partnerships (LP's).

Loosely linked partner: Relationship status of most millennials; they may live together or consider each other boyfriend/girlfriend but don’t have a problem with the partner taking off for a week or two, with no questions asked upon.

FKA friends with benefits

AKA: FHP (frequent hiatus partners)

Late Life Parent

Lipstick lesbian pedophile. A female adolescent or a grown woman who is sexually attracted to prepubescent girls; girls that are anywhere from infant to 12 years old. Her appearance and mannerisms don't even hint at this, though, because she seems like your typical girly girl or feminine woman. But make no mistake, she is a lesbian (although, to be fair, some LLP's are bisexual, meaning that they are attracted to men as well, or prepubescent boys which is even more rare) and a pedophile; two things that are never associated with feminine females. It is an odd condition. The actual number of females who are LLP's is unknown, but it is more common than one would think. There may be an LLP in your life, unbeknownst to you. Due to the societal stigma and the fact that they could hurt a child's mental stability, most LLP's remain closeted and do not act out on their desires. Most of them are content with going online to share fantasies and stories with other LLP's as a way of relieving pressure. It should also be noted that most LLP's get along well enough with their more masculine or androgynous counterparts. There is little to no conflict in the lesbian pedophile community, unlike the normal lesbian community.