A limited liability partnership (LLP) is a partnership that typically affords the partners liability
protection and the ability to participate in the management of the business.
An LLP is a common business structure for professionals such as attorneys, accountants, and architects. In states where professionals are not permitted to register an LLC, an LLP can provide limited liability with fewer formalities than a corporation. Generally speaking, partners in an LLP are shielded from debts, obligations, and liabilities resulting from another partner’s negligence, malpractice, or misconduct.
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An LP must contain at least one general partner and one limited partner. If you are managing the business in any capacity, you must be a general partner. Only passive owners may be limited partners.