Small Business Dictionary

Limited Liability Partnership (LLP)

A Limited Liability Partnership (LLP) is another combination of a partnership and a corporation, enabling two or more business partners to jointly conduct a business. Similar to a Limited Liability Company (LLC), a Limited Liability Partnership (LLP) protects the partners from being liable for the company’s debts, but limits their losses only to the amount of their investments. Consult your attorney or accountant to determine if your business should be an LLP.