A limited liability partnership (LLP) is a partnership in which some or all of the partners (depending on jurisdiction) have limited obligations. Therefore, he may exhibit elements of partnership and corporation. In an LLP, each partner is not liable for unlawful actions or inaction of the other partner. This is an important difference from the traditional partnership under the UK Partnership Act of 1890, in which each partner has joint and several liability. In an LLP, some or all partners have a limited liability form of similar corporation shareholders. Unlike corporate shareholders, partners have the right to manage the business directly. In contrast, corporate shareholders must elect a board of directors in accordance with the laws of various state charters.A limited liability partnership is a partnership established by one or several persons whose charter capital is divided into shares of the sizes determined by the constituent documents; participants in a limited liability partnership are not liable for its obligations and bear the risk of losses associated with the partnership's activities, within the value of their contributions. Exceptions to this rule may be provided for by this Code and legislative acts. Participants in a limited liability partnership who have not fully made contributions are jointly and severally liable for its obligations to the extent of the value of the unpaid portion of the contribution of each of the participants.
More information here - https://en.wikipedia.org/wiki/Limited_liability_partnership
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