Guarantee Company is a sub-classification of Private and Public Companies. Usually, it does not have share capital; instead, it has members who act as guarantors.
LLP means Limited Liability Partnership. LLP Registration Process in India is administered by the Registrar of Companies India (ROC).
By converting a firm into a company, the partnership can avail the benefits of a company. This method is preferable if the partnership firm has immovable assets in the name of the firm.