Limited Liability Partnership (LLP)

Limited Liability Partnerships (LLPs) are professional partnerships similar to LLCs. Like the Professional Corporation, an LLP is formed by professionals such as accountants, attorneys, physicians, dentists and architects. State law dictates which professions may form an LLP. Like the Professional Corporation, all partners in the LLP must be licensed professionals themselves. Limited liability is afforded the professional partners except for liability incurred by their personal actions. An attorney partner in an LLP cannot shield himself from his own malpractice. Adequate malpractice insurance is thus still necessary.