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Here are some of the differences between the LLC and LLP:
An LLP is a Limited Liability Partnership in which the partners' liability is limited to the amount they contribute. It enjoys the same benefits as the LLC but is not allowed to own property.
An LLC is a private company that is owned by a group or individual. It includes all the characteristics of a company and a partnership.
Articles of association and memorandum contain all the details of the LLC, and the limited liability partnership agreement is the document that contains all the essential information about the LLP.
In the LLC, all the individuals are protected from personal liability against any lawsuit or debts of the business. On the other hand, LLPs are personally liable and it only applies to their own negligence, and not a single partner will be responsible for the other actions.
The LLC owners are known by the name of members, and LLP owners are known by the name of partners.
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Advantages of an LLP:
Here are the advantages of an LLC: