Limited Liability Partnerships

A Limited Liability Partnership (LLP) is a business structure that combines elements of partnerships and corporations. In an LLP, partners have limited personal liability for the debts and obligations of the business, protecting their personal assets from legal issues or business failures. Each partner can participate in managing the business while enjoying this protection. LLPs are commonly used by professionals, such as lawyers and accountants, allowing them to collaborate while safeguarding their personal finances. Overall, an LLP offers flexibility in management and reduced risk for individual partners.