Law guide: Business start-up

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Limited liability partnerships

Limited liability partnerships

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The limited liability partnership (LLP) is a partnership entered into by 2 or more individuals in which the liability of the partners is limited.

As a partner of an LLP, you won't be personally liable for debts that the business may have incurred. However, you may lose the money that you invested in the business if it becomes insolvent.

This section will explain the basics of LLPs, including the legal requirements that you need to think about when setting up.

This section will also cover the limited liability partnership agreement, the contract that the partners enter into.

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