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Limited liability partnership (LLP)

A business that is owned and controlled by two or more parties (partners) that have a separate legal identity to the business. It is a cross between a partnership and a limited company. Unlike limited partners, in a limited partnership, all partners are allowed to take an active part in the running of the business. Unlike sole traders and other types of partnerships, because the partnership has a separate legal identity to the business, it is not dissolved upon the resignation, bankruptcy or death of one of the partners.

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