A Limited Liability Partnership (LLP) is a legal business structure that combines the benefits of a partnership and a limited liability company. It provides the partners with limited liability protection, meaning their personal assets are protected from the debts and liabilities of the business. This is similar to a corporation, where the shareholders have limited liability.

In an LLP, the partners have the flexibility to manage the business and make decisions collectively, similar to a partnership. However, unlike a general partnership, each partner's liability is limited to their investment in the business. This means that if the LLP faces financial difficulties or legal claims, the partners are not personally responsible for the debts or obligations of the business beyond their capital contribution.

LLPs are commonly used by professionals such as lawyers, accountants, architects, and consultants, who want to operate as a partnership, but also want the protection of limited liability. It allows them to share profits and losses, as well as manage the business together, while reducing their personal financial risk. 

Click here to view our Limited Liability Partnership formation package.