This article was co-authored with Sue Williams. Entrepreneurs who write for high profile publications can dramatically enhance their reputation and expose their business to new audiences. But figuring ...
An LLP, or limited liability partnership, is an unincorporated business owned and run by multiple people that protects the personal assets of its owners.
Much like limited partnerships, limited liability partnerships (often known by the acronym LLP) are an alternative to general partnerships that allows business owners to limit their personal liability for the debts and financial decisions of their business.
An LLP is one type of business entity for multiple parties going into business together, allowing them to pool their talents and resources in an effort to grow more quickly than they might alone.
Each business partner is provided with limited liability, which means they aren't fully responsible for the business' debts or liabilities. Partners in an LLP aren't liable for the negligent acts or malpractice of a single partner — each partner is accountable for their own negligence.
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