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LLPs

LIMITED LIABILITY PARTNERSHIP

A limited liability partnership (LLP) is a business run by two or more people. The partners are not personally liable for debts the business cannot pay as the liability is limited to the amount of money they invest in the business. In this structure, there is the flexibility of what and how much each partner contributes to the business, and there can be an unlimited number of business partners.

However, some LLPs do not require partners to consult the others when business decisions are made. An LLP Agreement can cause conflict, so it’s important to go into business with people who have the same vision as you do.

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