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Limited Liability Partnership (LLP) Agreement

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Limited Liability Partnership (LLP) Agreement

Updated August 05, 2022

A limited liability partnership agreement is mainly for professionals (doctors, lawyers, etc.) and allows liability for negligent acts only. Therefore, any creditors seeking to collect debts owed by the partnership cannot pursue the partner’s personal assets.

Liable for Another Partner’s Actions?

No. If a partner commits negligence on behalf of the partnership, only that partner’s personal assets are liable for damages.

Legal in All States?

Yes. In most States, a limited liability partnership (LLP) is only for certified professionals (ex. doctors, lawyers, accountants, architects, etc.).