A limited liability partnership, also known as an LLP, is a type of business entity that offers the limited liability benefits of a corporation while allowing its partners to retain the tax benefits of a partnership. An LLP is formed by filing a partnership certificate with the secretary of state.
A limited liability partnership, or LLP, is a type of business structure that combines the features of a partnership with the limited liability protections of a corporation. Like a traditional partnership, an LLP is owned and operated by a group of partners; however, the personal assets of the partners are not at risk if the business is sued or incurs debts. In addition, an LLP must file a formal partnership agreement with the state in which it is formed.
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