John is a partner of Aegon Services,a limited liability partnership firm.He committed fraud and embezzled $1 million from a client.The other partners would not be personally liable for John's malpractice.

A limited liability partnership is a partnership whose partners have elected limited liability status.Reacting to the large personal liability sometimes imposed on accountants and lawyers for the professional malpractice of their partners,Texas enacted in 1991 the first statute permitting the formation of limited liability partnerships (LLPs).An LLP is identical to a partnership except that an LLP partner has no liability for most LLP obligations;however,an LLP partner retains unlimited liability for his own wrongful acts,such as his malpractice liability to a client.