In a limited partnership, the limited partners are liable only for the amount of their investment in the partnership, however, the limited partners typically have no control. combines the limited liability The limited liability partnership form of organization Professional advantage of a corporation with the tax advantages of a partnership. corporations provide most of the benefits of incorporation but do not relieve the participants of professional liability. S corporations are similar in many ways to limited liability partnerships, but LLPS frequently offer more flexibility and benefits to their owners