What Is Limited Liability Partnership

Limited liability partnerships llps are a flexible legal and tax entity that allows partners to benefit from economies of scale while also reducing their liability. It s one of several types of partnerships each with its own unique structure and benefits. The limited liability partnership llp is essentially a general partnership in form with one important difference.

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Limited Liability Partnership

A limited liability partnership llp is a business structure that minimizes liability fo the partners and can reduce their tax obligations.

What is limited liability partnership. This is an important difference from the traditional partnership under the uk. As the name suggests an llp provides its members with a degree of liability protection shielding them and their personal assets. A form of general partnership that provides an individual partner protection against personal liability for certain partnership obligations. Llp stands for limited liability partnership.

A limited liability partnership llp is a partnership in which some or all partners depending on the jurisdiction have limited liabilities it therefore can exhibit elements of partnerships and corporations in an llp each partner is not responsible or liable for another partner s misconduct or negligence.