LIMITED LIABILITY PARTNERSHIPS (LLP)

Limited liability partnership have many similarities to general partnerships, limited partnerships and limited liability companies (LLCs). A limited liability partnership must first exist as another type of partnership and must be properly registered. Each partner is liable only for his or her personal negligence or misconduct in a limited liability partnership, not the negligence or misconduct of other partners. Limited liability partnerships often require complex partnership agreements and have mostly been replaced by limited liability companies (LLCs), professional corporations (PCs), and medical corporations.