what is the difference between a llc and llp

what is the difference between a llc and llp lies in the structure and management of the business. An LLC (Limited Liability Company) is a flexible business entity that provides personal liability protection for its owners (members) and allows for a variety of management structures. It can be managed by the members themselves or by designated managers. An LLP (Limited Liability Partnership), on the other hand, is a partnership where partners have limited liability, but it typically requires at least two individuals to manage the business. The key difference is that an LLC is more flexible in terms of management and ownership, while an LLP is designed primarily for professional partnerships, such as law firms or accounting firms.