llc and llp difference

llc and llp difference refers to the distinction between two types of business entities: Limited Liability Company (LLC) and Limited Liability Partnership (LLP). An LLC offers flexibility in management, protects personal assets from business liabilities, and is commonly used for small businesses. An LLP, on the other hand, is typically formed by professionals (like lawyers or accountants) who want to limit personal liability but still have the ability to share management responsibilities. Both structures provide limited liability, but they differ in ownership and operational control.