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[QUOTE="Queen, post: 9624, member: 27"]
A l[B]imited liability partnership[/B] is essentially a business partnership were these partners have [B]limited liability[/B] meaning their personal assets will not be used to settle debts.

So from another perspective we can say a limited liability partnership combines the features of [B]limited company[/B] and that of a [B]traditional partnership.[/B]

However, in a case were there is clearly business malpractice carried out by both partners this can result in a decision in which business partners will be forced by law to sort out their obligations.

Limited liability partnerships are taxed such that profits are treated as personal income of the members.

An example of people who usually set up limited liability partnerships include accountants, lawyers, doctors and engineers. Nevertheless, other people are also free to set up a LLP company if it suits their needs.

[B]Advantages Limited Liability Partnership[/B]

Limited liability partnership (LLP) has it's own advantages and disadvantages as a business structure. And for this reason it's important to carefully consider the pros and cons of setting an LLP company.

Let's now look at what some of these advantages are for limited liability partnerships:
[LIST]
[*]Personal liability is protected due to the business structure having [B]limited liability[/B]
[*]Members of the business partnership are taxed individually rather than paying corporate tax.
[/LIST]
[/QUOTE]

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