A Limited Liability Partnership (LLP) combines the flexibility of a partnership with the benefit of limited liability. Each partner's liability is restricted to their investment in the business.

LLPs are perfect for small and medium-sized businesses looking for an easy structure with limited legal formalities. The personal assets of partners are protected from business debts.

This structure ensures better tax treatment and minimal compliances, making it a popular choice for professional services. It provides business owners with operational flexibility while protecting personal wealth.