LLP 是Limited Liability Partnership的缩写，叫做有限责任合伙公司。
A separate legal entity, an LLP provides liability protection for all general partners as well as management rights in the business. Most commonly used in professional practices, an LLP offers, in most cases, the same limited liability enjoyed by a corporation, but at the same time it is a flow-through entity.
LLP’s provide a legal structure to the establishment of the business. From a capital investment standpoint, limited partners are shielded from the liability in that their liability is dependent upon the amount of capital invested. In addition, dividends distributed to all partners are reported on the partners’ personal income tax return.
As in any partnership, a LLP must draft a partnership agreement, which governs how the business is operated. There is no requirement to set a termination date of the partnership agreement.
As a separate legal entity, LLP’s may own property, sue, and be sued in LLP’s name.
Since a LLP is a legal entity, the formation of a LLP requires more legal documentation than in a general partnership.
If a LLP drops or loses a partner, the business is automatically deemed dissolved.