A Limited Liability Partnership (LLP) is a type of partnership in which all partners have limited liability. This means that the personal assets of the partners are not at risk in case the business incurs losses or is sued.

LLPs are taxed as partnerships, which means that the LLP is not taxed at the entity level. Instead, the profits and losses of the LLP are passed through to the partners and taxed at their individual tax rates.

Overall, an LLP is a flexible and attractive option for businesses looking for a partnership structure with limited liability.

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