What's a limited liability partnership?Tue Dec 02 11:41:31 GMT 2014
A limited liability partnership (LLP) is similar to a standard partnership, except that the individual members are offered reduced personal responsibility for any potential business debts. As a result, LLPs are only recommended for profit-running businesses.
LLPs are also slightly more complicated to set up and run than ordinary partnerships, as they have to meet many of the same requirements as limited companies. Watch our video to find out more.