A limited liability partnership (LLP) is a business structure that combines elements of 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 from business liabilities. This structure is often chosen by professional groups, such as lawyers and accountants, to safeguard their personal finances while allowing for shared management. LLPs require at least two partners and must be registered with the state. Each partner can participate in the management of the business without risking personal liability, making it an attractive option for those seeking both flexibility and protection.