A limited Liability Partnership, or LLP is a kind of partnership wherein some or all the partners possess limited liabilities depending on the type of jurisdiction. Hence, it possesses elements of both corporations and partnerships. In the Limited Liability Partnership, every partner is not liable or responsible for the other partner’s negligence or misconduct. This is an essential difference from the conventional partnership firms in which every partner has a joint liability. In the LLP, the partners possess a kind of a limited liability which is similar to the ones of the shareholders of a firm. However, unlike the corporate shareholders the partners of an LLP have the right for managing the business directly.