LIMITED LIABILITY PARTNERSHIP
About LLP
A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership with the limited liability protection of a corporation. In an LLP, partners have limited personal liability for the debts and obligations of the business, which means their personal assets are generally protected from business liabilities and lawsuits.
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Partners in an LLP are not personally liable for the partnership’s debts or liabilities, protecting their personal assets.
LLPs offer flexible management structures and can be managed directly by the partners or by appointed managers.
LLPs are typically pass-through entities for tax purposes, meaning profits and losses are passed through to the individual partners’ tax returns, avoiding double taxation.
Establishing an LLP is generally straightforward, with requirements varying by jurisdiction but usually involving the filing of specific documents and agreements.
Unlike traditional limited partnerships, LLPs do not require a general partner with unlimited liability.
Partners are shielded from personal liability for the business’s debts and actions of other partners.
Avoids double taxation, as income is taxed only at the partner level.
Allows partners to agree on management roles and responsibilities without rigid formalities.
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