Limited Liability Partnership (LLP)

A limited liability partnership (LLP) is similar to a general partnership in most respects, including the sharing of profits and losses, and generally all of the advantages and disadvantages of a general partnership mentioned above apply to a limited partnership.

A. Difference : Partner In An LLP Not Personally Liable.
1. Not generally personally liable for acts of follow partners, employees or agents.
2. Liable for their negligence and negligence of those under their direct control.
3. Generally not personally liable for debts and contractual obligations.

B. Difference : Formation
1. LLP must file with the state.
2. Contents of certificate of limited liability Partnership.
3. Partnerships may convert to LLP.
4. A general partner who is personally liable is not usually required.