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Learn more via the RISK CONCEPTS series, covering seven common forms of business ownership, including the Limited Liability Partnership. https://RightRisk.org/riskconcepts.
LIMITED LIABILITY PARTNERSHIPS (LLP) are a general partnership where all partners have limited liability as to other partner’s debts and liabilities due to misconduct. Except for a very few special provisions, it is subject to the same rules as a general partnership. There are four primary differences between LLPs and general partnerships: (1) they are formed in different ways; (2) they may have different requirements concerning insurance or financial responsibility; (3) specific steps may need to be taken in order to maintain LLP status; and (4) the liability of general partners is significantly different.
