A limited liability partnership (LLP) is a business structure that provides some liability protection for its owners, along with some potential tax breaks and other advantages. It's a structure most commonly used by professionals such as doctors, attorneys, and accountants who go into practice together. Partnerships come in several different types, but all have some common characteristics. An LLP combines some of these advantages of a partnership with the benefits of a corporation. Learn more about how they work and how they compare to other partnerships.