Olly`s Ocean Llp

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Information about words in this company name or address

ocean

1. the vast body of salt water that covers almost three fourths of the earth''s surface.
2. any of the geographical divisions of this body, commonly given as the Atlantic, Pacific, Indian, Arctic, and Antarctic oceans.
3. a vast expanse or quantity: an ocean of grass.
Of the major units that comprise the world ocean, three—the Atlantic, Indian, and Pacific oceans—extend northward from Antarctica as huge “gulfs” separating the continents. The fourth, the Arctic Ocean, nearly landlocked by Eurasia and North America and nearly circular in outline, caps the north polar region. The Southern Ocean is now often considered a fifth, separate ocean, extending from the shores of Antarctica northward to about 60°S. The major oceans are further subdivided into smaller regions loosely called seas, gulfs, or bays. Some of these seas, such as the Sargasso Sea of the North Atlantic Ocean, are only vaguely defined, while others, such as the Mediterranean Sea or the Black Sea, are almost totally surrounded by land areas. Large and totally landlocked saltwater bodies such as the Caspian Sea are actually salt lakes.

llp

A limited liability partnership is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partner''s misconduct or negligence. This is an important difference from that of a limited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. In some countries, an LLP must also have at least one "general partner" with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. As opposed to that, corporate shareholders have to 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. An LLP also contains a different level of tax liability from that of a corporation.

Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries the LLP is more suited for businesses where all investors wish to take an active role in management.