The limited liability partnership is a response to concerns about professionals exposure to liability for their partners

Question:

The limited liability is a response to concerns about professionals’ exposure to liability for their partners’ malpractice. What is the nature of the liability created by the form? How does the creation of a LLP address this liability concern? Is it appropriate that accountants and lawyers, for example, enjoy limited liability? Is there a downside for a law or accounting firm to converting to an LLP?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...