What is the difference between LP and LLP?

An LP (limited partnership) and an LLP (limited liability partnership) have a similar structure. However, LPs have general partners and limited partners, while LLPs have no general partners. All partners in an LLP have limited liability.

What is a limited partnership & LLP?

A limited partnership (LP) is a business owned by two or more parties. These must include at least one general partner who runs the business and has unlimited liability for any debts. The limited partners have liability only up to the amount of their investment. A limited partnership is different than a limited liability partnership (LLP) .

What is the difference between a limited partnership and limited liability?

Limited partnerships don’t share responsibilities equally depending on the type of partner you are. Whereas a limited partnership only gives limited partners limited liability, in a limited liability partnership, this is the case for all partners. Another difference is that all partners can also take an active role in management decisions.