Limited Liability Partnerships
Full Video Transcript
A limited liability partnership, commonly referred to as an LLP, is similar to a general partnership, except individual partners are not responsible for the other partners' liabilities, debts or obligations. An LLP is a safer form of partnership, essentially protecting partners from becoming personally liable for the partnership's liabilities. Specific limitations on partner liability are subject to state legislation. Many states do not protect against a partner's negligence, incompetence or criminal conduct, but typically shield against tort claims.