LLP (Limited Liability Partnership)

A Limited Liability Partnership (LLP) is a business structure in which partners share responsibility for the business’s debts and obligations, but their personal assets are not at stake if the company fails. LLPs are often used by professionals such as lawyers or accountants who wish to limit their liability while still operating as a partnership. In procurement, an LLP may be chosen as the most suitable business structure when dealing with vendors, suppliers, contractors, and other third parties.