What is a limited liability partnership?

A limited liability partnership (LLP) is a type of business structure recognized by the District of Columbia which offers limited liability protection for all members of the partnership. This means that, in the event of a lawsuit or other legal action against the business, the personal assets of the partners themselves are not at risk. Generally, an LLP is made up of a group of two or more Connecticut-licensed professionals (such as lawyers, accountants, and architects). Although the partners of an LLP share the profits and losses of the business, each partner is only liable for the amount of money they contribute to the business. Furthermore, the partners of an LLP are generally protected from any liability resulting from the negligent acts of other partners. In the District of Columbia, the formation of an LLP requires filed registration with the local Corporations Division, and the filing of a Partnership Agreement that outlines the details of the partnership. This Agreement must be signed by all of the partners involved in the LLP. In summary, a limited liability partnership (LLP) is a business structure recognized by the District of Columbia which offers limited liability protection for its partners. It is made up of two or more professionals and requires the filing of registration and a Partnership Agreement in order to be formed.

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What is a limited liability partnership?

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