The limited liability partnership (LLP
), by American definitions, is similar to the limited liability company
, differing only in that the LLP is designed more for professionals
who normally do business as partners in a partnership
. This is generally the same business structure as the general partnership
, with the benefits of the limited liability company
's limited liability of the partners.
- There is an organizational fee required.
- This a relatively new form of business organization, so not all states are uniform on how to treat the entity and the laws have yet to be standardized for the LLP.
- Many states only allow LLPs for professionals (thanks sekicho).
Back to Business Organizations.