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0:00 introduction
Limited Personal Liability Partners in an LLP are generally not personally liable for the mistakes, carelessness, or wrongful acts committed by other partners or by employees of the LLP (2:26). This offers protection to individual partners from the actions of others.
Liability for Own Actions However, partners are still personally liable for their own negligent or wrongful acts, and for the actions of individuals directly under their supervision or control (4:21).
Debt and Contractual Obligations In general, LLP partners are not personally liable for the partnership's debts and contractual obligations, which differs from general partnerships (5:26).
Formation To form an LLP, a formal document (like a registration statement or certificate of limited liability partnership) must be filed with the state government (6:09). This document typically includes details like the LLP's name, location, number of partners, and business description (6:34).
Professional Use LLPs are commonly used by professionals like doctors, lawyers, and accountants because of the liability protection they offer (7:01).


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