A limite liability partnership (abbreviated as LLP) has elements of partnerships and corporations. In an LLP, all partners have a form of limited liability, similar to that of the shareholders of a corporation. However, unlike corporate shareholders, the partners have the right to manage the business directly. Corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporation's best interest. Also an LLP has a different level of tax liability than a corporation.