Limited Liability Partnerships (LLP)

[Jeff B.]

There are several legal entities that are granted the privilege to perform business under an assumed name and to isolate personal liability:

• Corporations, all forms
• LLC, a special form
• LLP, a professional form of Corp

Although found in many business fields, the LLP is an especially popular form of organization among professionals, particularly lawyers, accountants, and architects. 

1. In some U.S. states, namely California, New York, Oregon, and Nevada, LLPs can only be formed for such professional uses.[16] 

Formation of an LLP typically requires filing certificates with the county and state offices. Although specific rules vary from state to state, all states have passed variations of the Revised Uniform Partnership Act.

The liability of the partners varies from state to state. Section 306(c) of the Revised Uniform Partnership Act (1997)(RUPA) (a standard statute adopted by a majority of the states) grants LLPs a form of limited liability similar to that of a corporation: