1. 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.
2. The management-ownership divide inherent in a company is not there in a limited liability partnership.
3. LLP will have more flexibility as compared to a company.
4. LLP will have lesser compliance requirements as compared to a company.