A Limited Liability Partnership (LLP) is a business structure that blends aspects of both partnerships and corporations, offering limited liability to its partners.
Limited Liability: Like a corporation, an LLP ensures that the partners have limited liability. This means that the personal assets of the partners are typically protected from the financial obligations or debts of the business.
Separate Legal Entity: An LLP is considered a distinct legal entity, separate from its partners. It has the legal capacity to own assets, enter into agreements, and engage in legal actions such as suing or being sued, all in its own name.
Partner Requirements: An LLP must consist of at least two partners, with no upper limit on the number of partners. These partners can either be individuals or other business entities.
