Limited Liability Partnership (LLP)

As with a general partnership, an LLP is an association of two or more persons who agree to carry on as co-owners of a business for profit. An LLP differs from a general partnership in that a partner in an LLP is not personally liable for the obligations or liabilities of the partnership arising from errors, omissions, negligence, malpractice, or the wrongful acts committed by another partner or by an employee, agent, or representative of the LLP. Neither are the partners liable for partnership contracts.