Vermont-Limited-Liability-Partnership Definition
A limited liability partnership (LLP) is a general (equal) partnership that voluntarily registers with the Corporations Division as an LLP. The law specifically allows any general partnership to register as an LLP. The primary reason for a partnership to register as an LLP is that the partners in an LLP will not have individual or personal liability for a partnership’s debts. By having this liability shield, the partner is placed in a similar position to that of a stockholder in a corporation.
An obligation of an LLP is solely the obligation of the LLP. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely due to being, or so acting, as a partner.
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