What are the advantages of having a limited liability partnership, or LLP?


Limited liability partnerships provide liability protection for the partnerships of the business. Generally speaking, they're structured in a way where there will be a general partner who bares all the liability of the organization. And that person will have an agreement with any number of limited partners whose limited liability comes from the fact that they are limited partners and do not have management authority. Therefore, the advantage is that you can have an ownership interest, but with liability protection.