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In a general partnership the individual partners are liable for the partnership’s debts and obligations. A limited Liability Partnership provides each of the individuals protection again personal liability for certain partnership liabilities. The limit depends on the scope of the state’s LLP legislation as it varies from state to state. In Texas, the liability protects partners from personal liability for claims related to a copartner’s negligence, error, omission, incompetence or malfeasance. It also permanently limit’s the liability from errors, omissions, incompetence or negligence from the partnership’s employees or other agents. Other states though may not cover so much or could cover more.
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