California Limited Liability Partnership (LLP)A California Limited Liability Partnership (LLP) has elements of partnerships and corporations, In an LLP, all partners have a form of limited liability, similar to that of the shareholders of a corporation. However, the partners have the right to manage to business directly. Limited Liability partnerships are distinct from limited parnerships, in that limited liability is granted to all partners, not to a subset of non-managing "limited partners." As a result the LLP is more suited for businesses where all investors with to take an active role in management. A LLP must have two or more partners whose type of business is to engage in the practice of public accountancy, the practice of law, or the practice of architecture. A Limited Liability Partnership is also required to maintain certain levels of insurance as required by law.
Many attorneys and accountants find the LLP as a very attractive alternative since it shields the partners from vicarious liability, can operate more informally and flexibly than a corporation, and is accorded full partnership tax treatment.
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