What is a Limited Liability Partnership?

A limited liability partnership ("LLP") is a special partnership that lets you pay a fee to the state to isolate yourself from the liability of your partners. It is traditionally used in professional practices like doctors, lawyers, CPAs, and other professions to isolate themselves from malpractice of their partners. For non-professional businesses, I find there are other ways to isolate liability that I prefer over the LLP structure. I sometimes shy away from them for some professional businesses as there may be better structures to implement.