A company form that combines aspects of a corporation and a partnership is called a Limited Liability Partnership (LLP). Partners benefit from restricted liability in an LLP, shielding their personal assets from the obligations and liabilities of the business. In contrast to traditional partnerships, no partner bears personal liability for the deeds of the other partners. Small to medium-sized enterprises and professional services organizations frequently choose limited liability partnerships (LLPs). Furthermore, an LLP is a distinct legal entity whose existence is unaffected by changes in its partners. LLP compliance and regulations are generally regulated by LLP statutes or regulations in each country.
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