A body corporate with a legal personality separate from that of its members (section 1(2), Limited Liability Partnerships Act 2000 (LLPA 2000)). Changes in the LLP's membership do not affect its continued existence.

LLPs combine the flexible structure of a partnership with the benefits for its members of limited liability. An LLP owns the assets of the business and is liable for its own debts; and the members act as its agents and only have liability up to the amount they have contributed to the LLP. An LLP is tax transparent so that its members are broadly subject to the same tax treatment as general partnerships and their partners.

For further information, see Practice note, Limited liability partnerships: overview.