A limited liability partnership (LLP) is a type of general partnership that most states now permit. There is a very important distinction, however, between an LLP and an LLC; in an LLP, the partners are not liable for the debts of the partnership. However, they are liable for their own misdeeds, just as if they were a member of an LLC or a shareholder of a corporation.
Please respond to all of the following prompts in the class discussion section of your online course:
Go to https://www.findlaw.com/casecode/#statelaw or use Westlaw or LEXIS to find the statute on LLCs for a particular state. (OHIO)
1. First, post a summary of the statute. Explain what partnership type and special considerations are related to this statute.
2. In a second post, compare your statute to statutes summarized by other students from at least two other states. (New York and North Carolina).
3. Outline the differences between the statutes and provide rationale on what may be the foundation for the differences.