What is Legal Terms Limited Liability Partnership?

Limited Liability Partnership Information: A limited liability partnership (LLP) is a form of LLC, or limited liability corporation, in common use among groups of professionals, such as lawyers. Like a corporation, and yet unlike a corporation. The LLP does offer many of the benefits of a corporation, particularly the limitation of an owner's liability. LLCs are generally preferred because they combine the limited liability protection of a corporation and the pass through taxation of a sole proprietorship or simple partnership. The downside to an LLC is that it does not offer the free transferability of ownership, perpetual existence, or the ability to be totally owned by a single individual. This form also purports to limit the negligence of a partner to only that partner.