> Company name is attached to the founding partner , has major control and authority
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> Business decisions are put to a majority vote , but founding partner has veto .
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> A partnership agreement will document the agreed upon rights and liabilities of each partner
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> LLP is more attractive for investors - less risk , can buy limited partnership shares

# What is different ?
1. Individual partners can still act by themselves , but only in certain decisions. Whereas in general partnership , they have full freedom over everything , except transfer of shares.
2. Limited partners have fewer liabilities than the founding partner
3. Decisions made by one partner , if lead to a negative outcome , doesn't make the other partners accountable
4. Liability to employee's actions are also limited to your direct authority - you are not held responsible for the actions of the employees who are in the departments headed by other partners
5. This type of arrangement is a little risky for the founding partner , but attractive for the investing / limited partner
6. The founding partner becomes solely responsible for alleviating the partner's burden in case of debts and lawsuits


> Good for investors , bad for founding partner , but retains control .