Difference between LLP & a Company

- A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners. - The management-ownership divide inherent in a company is not there in a limited liability partnership. - LLP will have more flexibility as compared to a company. - LLP will have lesser compliance requirements as compared to a company.