LLP :

An LLP is similar in some ways to a standard Partnership, except that the individual members have less of a liability to any debts which may arise from running the business.

There are more administrative duties involved compared to the Partnership business structure. In fact, an LLP is more similar to operating a Limited Company. The main difference is that a limited liability partnership has the flexibility of a partnership and it is the individual partners who are taxed not the LLP itself. Anyone can be a partner in an LLP provided that that person is not an already disqualified director.

The characteristics of an LLP: