Are there any other requirements for limited liability partnerships (LLPs)?
A. Limited liability partnership requirements vary by state. California and New York limit the use of limited liability partnerships to professionals. In California, the term professionals is defined narrowly to include only lawyers, accountants or architects. Delaware, Georgia, Pennsylvania, Texas, and Virginia require a limited liability partnership to carry insurance or an escrow account to cover liabilities. Several states have a reduced form of liability protection referred to as limited shield: Alaska, Arkansas, District of Columbia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maine, Michigan, Nevada, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah and West Virginia.
