A Limited Liability Partnership (LLP) is a legal business structure that combines elements of both partnerships and corporations, providing limited liability to its partners.
Limited Liability: Similar to a corporation, the partners in an LLP have limited liability. This means that their personal assets are generally protected from the business debts and liabilities of the LLP.
Legal Entity: An LLP is a separate legal entity from its partners. It can own property, enter into contracts, sue, and be sued in its own name.
Number of Partners: An LLP must have a minimum of two partners. There is no maximum limit on the number of partners. Partners can be individuals or corporate entities.
