A Limited Liability Partnership, or ‘LLP’, is a business structure somewhere in between a limited company and a traditional partnership setup. LLPs operate with the flexibility of a normal business partnership, but they are incorporated at Companies House as legal individuals. This means LLP members (partners) are protected by limited liability for debts because the LLP itself is responsible for its liabilities.
LLPs are popular business structure with professionals such as solicitors, accountants, doctors and dentists, because they can retain their preferred structure whilst protecting themselves with limited liability.