Limited liability partnership

{
  "id": "MLC-T-LAW-003057",
  "term": "Limited liability partnership",
  "field": "Law",
  "definition": "A business structure primarily used by professionals, such as lawyers, accountants, and architects, that provides limited liability to its partners. Each partner is protected from the debts and liabilities arising from the actions of other partners, but remains personally liable for their own professional malpractice. LLPs are formed under state law and require a formal partnership agreement.",
  "abbreviation": "LLP",
  "url": "https://mlchart.com/terminology/law/limited-liability-partnership/"
}