LLP vs. Traditional Partnership:

• Traditional partnerships under the Partnership Act, 1932, lack separate legal entity status
• Partners in traditional partnerships are agents of each other and the firm
• Death or insolvency of a partner typically dissolves a traditional partnership
• Property is held by partners jointly or on behalf of the firm, not by the firm itself

LLP vs. Company:

• Both have separate legal entity status and perpetual succession
• Companies have more complex regulatory requirements and compliance obligations
• Companies are taxed differently than LLPs
• LLPs offer greater operational flexibility similar to partnerships
• Director liability in companies differs from partner liability in LLPs[8]