Limited Liability Partnership

A Limited Liability Partnership (LLP) is a business structure where partners share management responsibilities and profits, but each partner's personal liability is limited to their investment in the partnership. This means they are not personally responsible for the debts or legal actions against the LLP beyond what they have invested. LLPs combine the flexibility of a partnership, such as shared decision-making, with protection from personal financial risk, making them suitable for professional services like law, accounting, and consulting firms.