what is a limited partnership vs a limited liability partnership 
in limited partnerships lps general partners manage operations of the firm and have full liability limited silent partners are not involved in day to day operations and enjoy limited liability a limited liability partnership llp is different from an lp in an llp partners are not exempt from liability for the debts of the partnership but they may be exempt from liability for the actions of other partners a limited liability limited partnership lllp combines aspects of lps and llps 1