LSD (Limit State Design) and LRFD (Load and Resistance Factor Dsign) are based on the same philosophy: design load effect <= design capacity.
Generally speaking, in limit state design the nominal load effect is factored up, to account for uncertainitly in the anticipated range of loadings, and the nominal capacity is factored down, to account for uncertainty in material stength or behaviour.
This differs from Allowable Stress Design (also called the Working Stress Method) in which the unfactored stress, calculated from tthe most adverse combination of loads, must not exceed some permissable stress, which is equal to ultimate stress divided by some safety factor.