LLP meaning stands for Limited Liability Partnership, a hybrid business structure that protects partners from being personally liable for each other’s actions or the firm’s debts. It blends the operational flexibility of a traditional partnership with the liability protection typically found in corporations. LLPs are popular among professional service providers—such as lawyers, accountants, and consultants—because they allow shared management while safeguarding personal assets. Each partner’s liability is limited to their investment in the business. LLPs also enjoy pass-through taxation, meaning profits are taxed as personal income rather than at the corporate level.