Purpose

Any partnership, including limited partnership, may register as a limited liability partnership.

ADVANTAGES

  1. Some limited liability to partners
  2. Relatively easy to form
  3. Low start up cost
  4. Partners can provide additional capital

DISADVANTAGES 

  1. Some liability for partnership debts and general liability for own acts
  2. Lack of continuity - terminates on death or withdrawal of partner
  3. Divides authority among partners