What is the difference between LP and LLP?

A limited partnership (LP) requires that at least one partner (called the general partner) have unlimited liability, and that limited partners aren't part of management. An LLP gives all partners limited liability. What Is an Example of an LLP? LLPs are often formed by professional offices, such as doctors, accounting, or law offices.

What is a limited partnership LLP?

An LLP is a limited liability partnership where each partner has limited personal liability for the debts or claims of the partnership. Partners of an LLP aren't held responsible for the acts of other partners. What Is the Difference Between a Limited Partnership and an LLP?

What is an LLP & how does it work?

The actual details of an LLP depend on where you create it. In general, however, your personal assets as a partner are protected from legal action. Basically, the liability is limited in the sense that you may lose assets in the partnership, but not those outside of it (your personal assets).