Limited Liability Partnership (LLP)
- A kind of partnership that shields a partner from personal financial risk due to careless actions by other partners or employees not directly supervised by him or her. In some states, this protection extends to breaches of contract and deliberate wrongs. Some states offer this partnership type exclusively to professionals, including lawyers, accountants, architects, and healthcare providers
- Their law firm operates as a Limited Liability Partnership, providing some financial protection for the partners.
- Many professional service firms choose to register as a Limited Liability Partnership to limit their personal liability.
- Accountants often form a Limited Liability Partnership to protect their personal assets in case of negligent actions by their partners or employees.