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By Peri Pakroo. Limited partnerships LPs and limited liability partnerships LLPs are both businesses with more than one owner, but unlike general partnerships, limited partnerships and limited liability partnerships offer some of their owners limited personal liability for business debts. In limited partnerships LPsat least one of the owners is considered a general partner who makes business decisions and is personally liable for business debts. But LPs also have at least one limited partner who invests money in the business but has minimal control over daily business decisions and operations. The advantage for these limited partners is that they are not personally liable for business debts. The limited liability partnership LLP is a similar business structure but it has no general partners. All of the owners of an LLP have limited personal liability for business debts. In the business world, the word partnership usually refers to general partnerships.

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