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What is a Florida limited liability partnership?

Florida Limited Liability Partnerships (LLPs) are partnerships that engage in the practice of public accountancy, the practice of law or the practice of architecture. They can be formed by two or more partners who are licensed to practice in the field of the partnership. LLPs must register with the state. LLP registration affords liability limitation as to the acts of your partners, but not as to your own. LLPs are subject to minimum security requirements which can be satisfied if the LLP's worth meets a statutory minimum or if each partner obtains a required amount of insurance. As with the other types of partnerships, the partners can enter into a partnership agreement regarding the management of the firm.

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