Limited Liability Partnership (LLP)

A limited liability partnership is very similar to a limited liability company, however, it has significant differences. An LLP in some states does not have the same level of protection for the owner’s personal assets if the business goes into debt. Also, the business does not have the same protection from the owner’s personal debt.

If you live in a state that protect LLP owner’s completely from the debt of the business, this type of business may be effective. However, in most cases an LLC provides more protection for the owner(s) and many of the same benefits.