A part owner on the LLP is known as a "member". Men and women a LLP will have limited liability just like shareholders from a company. Single liability they will have for debts and obligations of the LLP is actually going to limited to the money they used to pay for the their portion of the LLP.
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This essay was originally written for art businesses, as artists seldom come with business experiences. However, it can be adapted to many other small business structures successfully.