Limited Liability Partnership (LLP)

A Limited Liability Partnership (LLP) is a business structure that combines features of partnerships and corporations. In an LLP, all partners have limited liability, meaning they are protected from being personally responsible for the business's debts and liabilities. This protection helps safeguard personal assets, unlike in traditional partnerships. LLPs are often chosen by professional groups, like lawyers or accountants, allowing for shared management while limiting individual risk. This structure promotes collaboration while ensuring that partners' personal finances remain secure from the obligations of the business.