Even if they have similar names, the two are distinctive business structures. The main differences come from the number of partners and members and ownership transfer. While LLPs need to have at least two partners, an LLC can have only one owner. If you need the possibility of easy transfer of ownership, then an LLC is the better business structure for you. As for management particularities, while an LLP is usually managed by all the partners, the day-to-day activities of an LLC are generally managed by designated managers.