Limited liability partnership
A limited liability partnership (LLP) is a type of business entity. They are owned by two or more people. These people have signed an agreement on how they will run the business, and how the profits will be split. The partners have limited liability. [1] They are not responsible for any another partner's negligence or bad behavior. They partners manage the business directly.
Accountants, lawyers and doctors often form partnerships.
The laws about partnerships is different in different countries.
References
[change | change source]- ↑ "Companies House: guidance for limited companies, partnerships and other company types". companieshouse.gov.uk.