What are thedifferences between a limited liability partnership and a limited liability company?
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A limited liability partnership (LLP) is a business organizationproviding limited
liability to partners without restrictionsof limitedpartnership. Partners can participate
in the operation of the business. A limited liability company (LLC) is a business organization
providing limited liability to its owners, but not taxed as a corporation. The LLC is liable for its own debts but there is no personal liability on the part of the owners.
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