In a LLP the partners liability is limited to the amount they have invested in the business plus any personal guarantees they have given.
Partnerships (none LLP)
In partnership partners liability is not limited (their personal assets are not protected) they are joint and severally liable for partnership debts.
Dissolving a Partnership is straightforward – paying all your creditors and informing HMRC. There is a formal process of dissolving LLP: http://www.companieshouse.gov.uk/about/gbhtml/gpllp3.shtml#ch1