In a general partnership there also may be limited partners. These limited partners are liable for only what they contribute to the partnership. This amount, by law, must be registered at a local courthouse, thus making this information public. The LLP has become very popular among larger law firms and accounting CPA firms. It is actually a form of limited liability company (LLC), where the firm elects this status when filing its entity classification with the IRS on Form 8832. Thus the advantages of the LLP are the same as the LLC, allowing the partners to protect their personal assets from liability risk. The LLP will be distinguished from the general partnership as appropriate in our comparison of the various forms of organization that follows.