A limited liability partnership, also called an LLP, is a common business structure for law firms, medical practices, and other partnerships of licensed professionals. The structure of an LLP allows professionals to operate collectively and benefit from economies of scale without putting their personal finances at risk. An LLP is a type of business partnership that limits its partners personal liability for any debts or damages incurred by other partners or by the partnership itself. In other words, an LLP partner’s personal liability is limited to any assets they may have contributed to the partnership and any debts or damages incurred by their own actions.