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Limited Liability Partnerships and Corporations

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Explain the roles of limited liability partnerships and corporations. If you were establishing your own business, under what circumstances would you choose one from the other?

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In an LLP, all partners have a limited liability. Any partner, whether or not he has an active role in management, has limited liability in this type of partnership. Most states in the United States extend the limited liability to all types of misconduct, such as arising from contract and intentional tort and negligence while a minority of states only extend the limited liability only to contract and intentional tort and not to negligence. So if an incident occurred out of negligence, the personal assets of a limited partner could still be sued. But ...

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