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Limited Liability Partnership
A limited liability partnership, or LLP, is a relatively new creation. It operates much like a limited partnership, but gives each member of the LLP an equal voice in managing the business. It also protects members from personal liability, except to the extent of their investment in the LLP.
Generally, partners in a limited liability partnership aren’t responsible for another partner’s debts, obligations, or liabilities resulting from negligence, malpractice or misconduct.
Professional organizations (such as accounting and law firms) often form as limited liability partnerships because they are specifically designed to limit malpractice claims against uninvolved partners. Partners are liable for debts and obligations created as a result of their own negligence, malpractice or misconduct, as well as those of any person under their direct supervision.
To learn more and speak with a representative, please call us at (888) 381-8758. We are happy to answer any questions you may have.
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