A Limited Liability Partnership (LLP) is a business structure that combines elements of both partnerships and corporations. In an LLP, partners have limited personal liability for the debts and obligations of the business, protecting their personal assets from claims against the partnership. This structure is often chosen by professional service firms, such as law firms and accounting firms, allowing them to operate with flexibility while limiting individual risk. In an LLP, each partner can participate in the management of the business without risking their personal assets. This means that if the LLP faces legal issues or financial troubles, only the assets of the partnership are at risk, not the personal belongings of the partners. This makes LLPs an attractive option for many professionals looking to collaborate while safeguarding their personal finances.