Corporate Law
Limited Liability Partnership (LLP)
A business structure combining features of a partnership and a company, where partners have limited liability but retain flexibility in how they manage the business.
Unlike a traditional partnership, where partners have unlimited personal liability, an LLP gives its partners liability limited to their agreed contribution, while still allowing the operational flexibility and simpler compliance associated with a partnership structure.
An LLP is a separate legal entity from its partners, similar to a company, and is registered and regulated under its own specific legislation.
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