What is the Difference Between an LLC and an LLP?
When starting a new business, the type of business entity you decide to establish will impact the amount of personal liability, taxes, management, formalities required, among many other factors. There are a wide variety of options, which can make this decision quite overwhelming. Limited liability companies (LLCs) and limited liability partnerships (LLPs) are two business forms that share some characteristics, but also have some important distinctions. Similarities 1) Liabili