IncorporationBlog.com: “An LLP is a special breed of partnership under state law, and can in some circumstances be a very attractive way to do business, as all fifty states and the District of Columbia have enacted LLP legislation (in some states, the term RLLP is used, which stands for Registered Limited Liability Partnership). The central feature of an LLP is that you as an LLP partner are not responsible for acts of malpractice committed by other partners (unless you were charged with their supervision). This is in complete contrast to the rules that govern regular partnerships, where one partner’s malpractice can bring down the entire partnership. Obviously, even in an LLP, you are still liable personally for your own malpractice. The LLP’s assets as a firm are also at risk. However, the LLP form allows you to operate without the fear that one of your other partners can commit an act of malpractice that will allow a judgment creditor to take away your house, boat, cars, retirement plan, and collection of Titleist golf balls, as would be the case in general partnership. This is good.”
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