A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.LP is different from Limited partnership.It operates like a limited partnership, but in llp each member of the is protected from personal liability, except to the extent of their capital contribution in the LLP. 1.