The main difference between a partnership and a limited liability partnership (LLP) is the level of liability protection provided to the partners.
Partnership Firm
Two or more people can own and operate the partniship firm business together. The partners share the profits and losses of the firm and are personally liable for its debts and obligations.

Limited Liability Partnership Firm
LLP is a type of Partnership where the partners have limited liability for the debts and obligations of the business. If the company incurs debts or legal action, the partners’ assets are not at risk. LLPs are typically used in professional services such as accounting, law, and consulting.

Most jurisdictions do not have specific capital requirements for forming a partnership. However, there may be requirements for certain types of businesses, such as partnerships that provide financial services, health care, or professional services. It’s important to check local regulations for any such requirements.

Yes, most partnerships must register with the tax authorities to obtain a tax identification number (TIN) or employer identification number (EIN). This is important for tax reporting and for hiring employees.

Yes, partnerships can operate under a trade name or “doing business as” (DBA) name, as long as it is registered with the appropriate authorities and complies with local naming regulations. This name can be different from the partners’ personal names.

Yes, many jurisdictions allow for the conversion of a partnership into a corporation. This process typically involves creating a new legal entity, transferring assets, and registering with the appropriate authorities.