What is an LLP?
A Limited Liability Partnership (LLP) is a partnership structure recognised in the U.K., U.S. (state-specific), India, Singapore and other jurisdictions in which each partner enjoys limited personal liability for the obligations of the partnership and the wrongful acts of other partners. LLPs combine the pass-through taxation and operational flexibility of a general partnership with corporate-style liability protection.
LLPs are predominantly used by professional services firms (law, accounting, consulting). Most jurisdictions require an LLP to file a certificate of formation, maintain insurance, and comply with member reporting obligations. The structure is rare in early-stage venture-backed startups, which prefer LLC or corporate forms.