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LLP stands for Limited Liability Partnership, which is a type of business structure that combines the features of a partnership and a limited liability company (LLC). In an LLP, the partners have limited personal liability for the debts and obligations of the partnership, meaning their personal assets are generally protected in the event of a lawsuit or debt.

This structure is commonly used by professional firms, such as accounting or law firms, where the partners want to share profits and have limited personal liability.

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