What is a Limited Liability Partnership (LLP)?

In Texas, a limited liability partnership (LLP) is either a pre-existing general partnership or a pre-existing limited partnership (LP) that carries a minimum of $100,000 in errors and omissions insurance or other specified financial responsibility and takes the additional and entirely optional step of registering with the secretary of state as an LLP. Tex. Bus. Orgs. Code §§152.801 et seq. and 153.351 et seq. Filing an application for registration of an LLP does not create a partnership or any other entity. Instead, an LLP is merely an optional registration that is made by an underlying, pre-existing partnership.