what is the difference between llc and llp

what is the difference between llc and llp refers to the distinction between two common business structures in the U.S. An LLC (Limited Liability Company) provides its owners, known as members, with limited liability protection, meaning their personal assets are typically protected from business debts. An LLP (Limited Liability Partnership) is a partnership where each partner has limited liability, but it differs in that it requires at least two partners who manage the business jointly. LLCs are more common for small businesses and startups, while LLPs are often used by professional services like law and accounting firms.