what is llp in business law? | LegaMart

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QuestionAug 22, 2022 - 17:03

what is llp in business law?

what is llp in business law?

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Sep 4, 2022 - 14:20

"A limited liability partnership, or LLP, is a type of business structure in which partners are not personally liable for the debts and liabilities of the business. If the business goes into debt or is sued, creditors can only go after the business itself, not the individual partners. LLPs are popular among professional service providers such as accountants, lawyers, and consultants, as they offer personal liability protection while allowing partners to operate relatively independently. LLPs must have at least two members (known as designated members in some states), and each partner generally has equal rights and responsibilities. There are numerous regulations governing LLPs, so consulting with an experienced business is essential."

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