A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested carried on by all and anyone of them acting for all, in accordance with the terms and goals set out in partnership deed.
LLP is an incorporated partnership formed and registered under the Limited Liability Partnership Act 2008 with limited liability and perpetual succession. The Act came into force with effect 1st April 2009. It is a body corporate with distinct legal entity. It is applicable to any trade or business. It is created by minimum 2 partners. The main edge of this is than one partner is not liable for another partner’s misconduct or negligence.