llp vs llc

llp vs llc compares two common types of business structures: Limited Liability Partnership (LLP) and Limited Liability Company (LLC). An LLP is a partnership where some or all partners have limited liabilities, offering protection from personal liability for business debts. It is commonly used by professional services firms like law firms and accounting firms. An LLC, on the other hand, provides personal liability protection to its owners (called members), while allowing for flexible management and tax treatment. LLCs are suitable for a wider range of businesses, from small startups to larger companies. Both structures have advantages and disadvantages depending on the specific needs of the business.