Examines the new entity of Limited Liability Partnerships (LLP) as created by the Limited Liability Partnerships Act 2000. An LLP comes somewhere between a traditional partnership and a limited liability company, with a key advantage being that liability is limited to the assets of the LLP. In addition, there are no tax difficulties on conversion to an LLP and LLPs are taxed in a similar way to traditional partnerships. Disadvantages of LLPs are cited as unsuitability for tax-transparent property investment vehicles and having to file accounts and returns with the public register. Article also considers how LLPs affect inter-partner indemnity and outlines requirements for setting up an LLP. Concludes that surveyors and architects are particularly interested in LLPs, which should prevent them being pushed into bankruptcy as a result of negligent valuation or design.