what is difference between llc and llp

what is difference between llc and llp The main difference between an LLC (Limited Liability Company) and an LLP (Limited Liability Partnership) lies in the structure and management of the business. An LLC provides liability protection for all members, meaning that personal assets are typically protected from business debts. LLCs are flexible in terms of management, allowing members to run the business directly or appoint managers. In contrast, an LLP is a partnership where partners share management duties and liability. LLPs are often used by professional services firms like law or accounting firms, where each partner has limited liability for the actions of others.