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, meaning their personal assets are generally protected. This makes it an attractive option for professionals like lawyers and accountants who want to collaborate while minimizing personal risk. In an LLP, each partner can participate in the management of the business without risking their personal assets. This structure allows for flexibility in management and profit-sharing, making it a popular choice for small businesses and professional firms looking to grow while safeguarding their personal finances.