Limited Liability Partnership

A limited liability partnership (LLP) is a business entity similar to a limited liability company but maintains a partnership structure. Partners in an LLP have limited personal liability, often requiring malpractice insurance. LLPs are typically formed by professionals like doctors, lawyers, and accountants. While individual partners may be liable for their actions, other partners are protected. The organizational structure and taxation of LLPs are akin to general partnerships.

What new insight or understanding did you gain from this video?