A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership with the limited liability benefits of a corporation. In an LLP, each partner’s personal assets are protected from the business’s debts or liabilities arising from the actions of other partners. This makes it ideal for professionals such as lawyers, accountants, and consultants. LLPs are governed by specific laws and require registration with the appropriate authority. Partners share profits and management responsibilities while enjoying tax benefits and reduced personal risk compared to traditional partnerships.