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A limited liability partnership (LLP) is similar to an LLC in
that all partners have limited liability for business debts,
but many states this liability protection is less
than what LLCs or corporations receive.
Advantages of a Limited Liability Partnership (LLP):
- LLPs allow for pass-through taxation
- All partners are not held personally responsible for the debts and liabilities of the business
- Partners have more flexibility in structuring the management with less formal requirements and annual paperwork
- Easier conversion from a general partnership to an LLP than to a LLC or corporation
