Distinguish between the following: 'Company' and 'limited liability partnership'.

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 & 2013) 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. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. LLP is a body corporate and a legal entity separate from its partners, having perpetual succession. LLP form is a form of business model which (i) is organized and operates on the basis of an agreement in between partners; (ii) provides flexibility without imposing detailed legal and procedural requirements; (iii) enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner.