What is Limited Liability Partnership? Definition, requirements, and how it applies to your business formation. Learn everything about limited liability partnership (llp) for LLCs and corporations.
# Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a partnership structure where each partner is protected from personal liability for the negligence or misconduct of other partners. Unlike a general partnership, an LLP requires state registration and provides a liability shield similar to an LLC.
LLPs are most commonly used by licensed professionals — attorneys, accountants, architects, and physicians — in states that restrict LLC formation for professional practices.
Lovie handles LLP registrations for professional firms, including the Statement of Qualification filing and annual renewal reminders that prevent accidental reversion to general partnership status.