About: LLPs are a flexible legal and tax entity that allows partners to benefit from economies of scale by working together while also reducing their liability for the actions of other partners. Limited liability partnerships (LLPs) allow for a partnership structure where each partner’s liabilities are limited to the amount they put into the business.
Limited liability means that if the partnership fails, then creditors cannot go after a partner’s personal assets or income. LLPs are common in professional business like law firms, accounting firms, and wealth managers.
