Limited Liability Partnerships (LLPs)

A Limited Liability Partnership (LLP) is a business structure where partners share management responsibilities and profits, but their personal liability is limited to the amount they invested. This means if the business faces debts or legal issues, partners are not personally responsible beyond their contribution, protecting personal assets. LLPs combine features of partnerships and limited companies, offering flexibility, collaboration, and liability protection. They are commonly used by professional groups like lawyers, accountants, and consultants to operate collectively while safeguarding individual assets.