Business Setup & Legalintermediate
LLP
Limited Liability Partnership
Definition
A UK business structure where two or more partners run a business together but are protected so their personal assets are usually safe if the business has debts.
Why it matters
An LLP lets partners share a business while limiting their personal financial risk, which is reassuring when you go into business with others.
Example
Two consultants set up an LLP so they can work together and split profits, while keeping their personal homes shielded from business debts.
Related terms
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