Like in the companies above, a limited liability partnership is independent of its members who are liable for partnership’s debts within the amount of contribution they made on registration.
However, at least two shareholders in an LLP must become designated partners who are legally liable for incorrectly prepared or late accounts.
All SLP partners are divided into two categories:
General partners who are responsible for management and liable for any debts and obligations of the partnership.
Limited partners who cannot take part in running of the SLP and are only liable up to the amount they have put into the partnership.