A limited liability partnership is type of entity that is formed to limit the liability of its limited partners. A limited partner in a limited liability partnership are not personally liable for partnership obligations unless the obligations are attributable to the fault of that partner.
To form a Limited Liability Partnership, a certificate of formation must be filed with the Secretary of State. In addition, an LLP requires internal governing documents, including a partnership agreement. The owners of an LLP are called partners, which are similar in capacity to corporate shareholders or limited liability corporation members.