LLP
Limited liability partnership: partners run the business together, but each one's liability is limited.
An LLP is a partnership that is also a separate legal entity. Partners share the work and the profit as in an ordinary partnership, but their personal assets are protected from the business's debts beyond what they put in.
It costs more to set up and run than a proprietorship or a plain partnership — registration, annual filings, accounts — and less than a private limited company.
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See also: Sole proprietorship