Currently, LLPs are often used to protect family businesses as they provide a way to resolve issues regarding transition from one generation to another.
LLPs were initially created to safeguard partners in partnerships inside professional service firms. The Limited Liability Partnership (LLP), which was first created to protect professional enterprises, is now widely employed by family businesses to address concerns related to the transfer of ownership between generations. The liability of each participant in a limited liability partnership (LLP) is restricted to the amount they invested in the company. Having business partners entails sharing the risk, utilizing unique talents, and creating a hierarchy of tasks.
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