A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership with the benefit of limited liability for its partners, similar to that of a corporation. This means that individual partners are protected from personal liability for certain partnership liabilities. An LLP is recognized as a valid and legal entity which has got a unique name and set of laws. Plus, liability is limited as in comparison to unlimited liability that can be observed in a Partnership Firm. An LLP is especially popular among professionals such as lawyers, accountants, and architects, as it allows them to benefit from the advantages of both partnerships and corporations.