LLP and Partnership Firm are both the types of business formations through which Partnership business can be done.
LLP is a new concept while Partnership is an old concept. LLP and Partnership are different as Partnership is an old concept while LLP is a newly established concept introduced in India by Limited Liability Partnership Act, 2008.
Under the partnership, each partner owns a share of the business. This is a business structure which is less expensive and it is even more customizable than a corporation while Limited Liability Partnership has the advantages of both Partnership and LLP as it has the limited liability of the Partners.