What is the difference between a LLP and a limited company?

LLPs are similar to limited companies because they are subject to aspects of company law and provide limited liability to their members; however, they also offer the benefits of a traditional partnership, such as income tax liability rather than corporation tax, and they are more flexible in regards internal structure, distribution of profits and members’ rights. 

Unlike a limited company, a LLP does not have a memorandum or articles of association. Furthermore, the role of director and member in a limited company is combined in LLPs (“partners”). An LLP is governed by the Limited Liability Partnerships Act 2000 rather than the Companies Act of 2006.