Limited Liability Partnerships (LLP)

A Limited Liability Partnership (LLP) is a business structure where partners share responsibilities and profits, but their personal assets are protected from business liabilities and debts. This means if the business faces financial trouble or legal claims, each partner’s personal property is generally protected, limiting their risk to their invested amount. LLPs are common among professional groups like lawyers or accountants, combining the flexibility of a partnership with the liability protection similar to a corporation. This structure helps partners work together while safeguarding their personal assets from business-related risks.