3.LIMITED LIABILITY PARTNERSHIP:
Limited Liability Partnership (LLP) is a type of general partnership; however, the partners are not liable for the debts of the partnership. To form an LLP a statement of qualification must be filed in the state of formation. LLP’s are also required to file annual reports, so business documenting must be strictly accounted for.
An LLP is not a taxable entity though and retains many of the same attributes of a partnership, and it has the right to choose its duration, meaning it can, but does not have to, survive the dissociation of a member.