LLP stands for limited liability partnership ... that LLPs do not. The decision ultimately comes down to first what your state allows and then what features are most important to you.

A family limited liability company (LLC) protects the assets of a family business from creditors. An LLC offers the protection of a corporation with the tax structure of a partnership. A family ...

The two most common are general and limited partnerships ... on Schedule K-1 of Form 1065. Personal liability is a major concern if you use a general partnership to structure your business.

A business organization that allows limited partners to enjoy limited personal liability while general partners have unlimited personal liability A limited partnership is similar to a general ...