Limited Liability Partnership (LLP)

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A Limited Liability Partnership (LLP) is a business structure that combines the features of a partnership and a corporation, offering limited liability protection to its partners while allowing them to participate in management and decision-making. In an LLP, partners are not personally liable for the debts or obligations of the partnership beyond their investment, similar to shareholders in a corporation. LLPs are commonly used by professional service firms such as law firms, accounting firms, and consultancy practices.