LLP

A Limited Liability Partnership (LLP) is a business structure that combines features of both partnerships and corporations. In an LLP, partners have limited liability, meaning they aren't personally responsible for the debts or liabilities of the business beyond their investment. This structure protects individual partners from legal issues that may arise within the partnership. It's often used by professional firms, such as lawyers and accountants, allowing them to work together while maintaining their own financial protection. An LLP must be registered according to local laws, and it typically offers flexibility in management and profit distribution among partners.