What Is the Full Form of LLP? A Complete Guide for Entrepreneurs

Alisha Joy11 Nov, 2025Finance

An LLP is a business structure that combines the features of a partnership and a corporation. It provides limited liability to its partners, meaning that the personal assets of the partners are protected from the business's debts and liabilities, unlike a traditional partnership where each partner may be personally liable. At the same time, an LLP allows for a flexible management structure similar to a general partnership.