An LLP is a partnership that provides its non-corporate members with limited liability. They are a form of private legal entity.
LLPs are frequently based offshore for tax avoidance purposes but are also available in the UK and other common law countries where they are often used by professional partnerships.
LLPs are corporate entities, like companies, whilst retaining some of the characteristics of partnership arrangements.
LLPs are not taxable in their own right. The members are taxed on their share of the profits instead. This can be abused if offshore entities are members of onshore LLPs in the UK.
LLPs differ from limited partnerships.
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