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LLPs are often used by professional services businesses, like attorneys or accountants. An LLP generally protects partners from each other’s professional legal problems, such as negligence or malpractice. Liability is limited to the amount of money each partner contributes to the LLP. States vary as to who can establish an LLP.What is a LLP law?
In law, a limited liability partnership, or LLP, stands for a partnership in which members have protection from personal liability with the exception of the total investment in their LLP.