A limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. A partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.It therefore exhibits elements of partnerships and corporations.
An LLP is a form of ownership in which all the partners receive limited liability protection. However, an LLP is similar to a general partnership in that all the partners can take an active role in managing the day-to-day affairs of the business. The LLP form of ownership is limited in the State of California to persons licensed to practice in the fields of public accountancy, law, or architecture. An LLC is a limited liability company, sometimes referred to as a limited liability corporation, and an LLP is a limited liability partnership. Both legal entities are relatively new in the business world, and both share aspects of a corporation and a partnership. There are a few differences in the formation of an LLC and LLP. Both are formed through articles of organization or articles of formation, and each usually is run based on an operating agreement. The differences are in how the members or partners buy in, sell out and add or remove members or partners. Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. LLP is different from Limited partnership.It operates like a limited partnership, but in llp each member of the is protected from personal liability, except to the extent of their capital contribution in the LLP. 1. A Limited Liability Partnership (LLP) and a limited liability company (L.L.C. or LLC) differ in their legal liabilities and business obligations and have some pros and cons when compared to other business organization structures like corporations, partnerships, and limited partnerships. An LLP in UK provides its partners with limited personal liability for the obligations of the business. Of course, if a business operated by an LLP has financial difficulties, each partner of the LLP could lose the amount of his or her investment in the LLP, as well as the equity built up in Limited Liability Partnership (LLP). An LLP is a form of ownership in which all the partners receive limited liability protection. However, an LLP is similar to a general partnership in that all the partners can take an active role in managing the day-to-day affairs of the business. The LLP form of ownership is limited in the State of California to persons licensed to practice in the fields of public accountancy, law, or architecture. The limited liability partnership (LLP) is a similar business structure but it has no general partners. All of the owners of an LLP have limited personal liability for business debts.  A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence. LLP is different from Limited partnership.It operates like a limited partnership, but in llp each member of the is protected from personal liability, except to the extent of their capital contribution in the LLP. 1. The limited liability partnership (LLP) is a special type of partnership that provides personal liability protection to everyone involved. It should not be confused with limited partnerships or limited liability companies, which are different types of business structures. Limited Liability for Partners. All partners in an LLP enjoy limited liability from business obligations and wrongdoing by the other partners. This is particularly important for professionals so that one professional in the partnership is not held responsible for malpractice committed by another partner.
https://www.ftb.ca.gov/businesses/bus_structures/LLpartner.shtml http://smallbusiness.chron.com/difference-between-llc-llp-3760.html https://en.wikipedia.org/wiki/Limited_liability_partnership http://www.diffen.com/difference/LLC_vs_LLP https://www.ftb.ca.gov/businesses/bus_structures/LLpartner.shtml http://www.nolo.com/legal-encyclopedia/limited-partnerships-limited-liability-partnerships-29748.html https://en.wikipedia.org/wiki/Limited_liability_partnership http://business-law.lawyers.com/business-formation/a-limited-liability-partnerships-distributes-accountability.html
what is llp