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I have heard that there is a new form of partnership called a limited liability partnership – what is this?

April 26, 2017called form heard limited liability partnership partnership

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I have heard that there is a new form of partnership called a limited liability partnership – what is this?

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A Limited Liability Partnership (LLP) shares many of the features of a normal partnership – but it also offers reduced personal responsibility for business debts. Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners.