How to Start Limited Liability Partnership (LLP)

A limited liability partnership (LLP) is a flexible legal and tax entity where every partner has a limited personal liability for the debts or claims of the partnership. Partners of an LLP can benefit from economies of scale by working together while also reducing their liability for the actions of other partners. As with any legal entity, it is important that you check the laws in your nation (and your state) before making decisions. In short, check with a lawyer first. The chances are good that they have firsthand experience with an LLP.