What's the difference between limited partnership and limited liability partnership?

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    Matthew Bowers

    Limited Partnership: Composed of general partners and limited partners; general partners are personally liable for business, including the actions of other partners, and limited partners are liable only for their investments

    Limited Liability Partnership: Liability is limited to each partner's individual professional negligence and malpractice, and personal assets are protected, and requires a more complex formation process
     
    Easiest way to think about it is an LP being akin to a sole proprietorship, and an LLP being akin to an LLC - the most fundamental differentiator between them being liability protections.
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