LLPs are taxed like partnerships, meaning the profits are taxed at the partner level, and there is no corporate tax. Partners pay tax based on their individual income tax slabs. In contrast, Private Limited Companies are subject to corporate tax on their profits, and shareholders may face double taxation on dividends distributed. Also Read- https://www.companiesnext.com/blog/llp-vs-private-limited-company-a-comparative-analysis-for-business-owners