The limited liability partnership (LLP) is a partnership in which all partners have limited liability for at least some types of debts of the partnership. The LLP is similar to a general partnership in the sense that all partners have equal managment rights (at least by default). The LLP is similar to a limited partnership in the sense that partners have limited liability (as do limited partners in a limited partnership).
The limited liability provided by the LLP varies from state to state. Some states only provide limited liability protection for tort liabilities of the partnership, while others provide limited liability for contract obligations as well. In all cases, partners are liable for their own obligations, such as the partner's own negligence.
The LLP form has been primarily used by firms providing professional services (e.g., law firms, accounting firms, and the like). Indeed, under some state statutes the LLP form is limited to professional firms. But in many states other types of firms can organize as LLPs, although use of the LLP is uncommon for general commercial firms.