Limited liability partnership

A favourite means of structuring a hedge fund which in the last decade or so has also become popular among law firms, now the partners are allowed limit their liability.

Hedge funds

Some types of fund (particularly private equity funds) are structured as a general partner, who acts also as the investment advisor and a number of limited partners who are the investors in the fund. The general partner has unlimited liability, but will be itself a thin capitalisation  limited liability corporation, so actually is fully limited in its liability.

Law firms

Who cares about law firms?