Many businesspeople wonder about the meaning of a limited liability partnership before setting up a business. A limited liability partnership (LLP) can be defined as a business model that allows partners in a partnership to conduct business together without being liable for unlimited personal risks. Businesspeople can take advantage of the knowledge of what a limited liability partnership is by choosing a business model that will allow them to develop. One of the common questions that come up when people set up a business is what is the meaning of LLP? In certain cases, a limited liability limited partnership may be suitable.