Meaning of LLP in law: In the realm of law, the acronym LLP denotes “Limited Liability Partnership.” An LLP represents a legal business structure that amalgamates aspects of a partnership and a corporation. It offers the advantage of limited liability protection to its partners. It is commonly used by professionals such as lawyers, accountants, and consultants.
The key characteristic of an LLP is that the partners are not personally liable for the debts and liabilities of the partnership beyond their agreed-upon investment or capital contribution. This limited liability protection helps safeguard the personal assets of the partners.
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An LLP follow specific laws and regulations in each jurisdiction where it is recognized. These laws outline the rights, responsibilities, and obligations of the partners, as well as the procedures for formation, operation, and dissolution of the LLP.
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