The limited liability partnership is a response to concerns about professionals’ exposure to…

The limited liability partnership is a response to concerns about professionals’ exposure to liability for their partners’ malpractice. What is the nature of the liability created by the partnership form? How does the creation of a LLP address this liability concern? Is it appropriate that accountants and lawyers, for example, enjoy limited liability? Is there a downside for a law or accounting firm to converting to an LLP?

 

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