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Limited Liability Partnership is an organization which possess the attributes of both Partnership firms and a Limited Company. The members share limited liability to a corporation. However, there is a provision for at least one member with limitless liability. The designated LLP members share right to manage and maintain internal and external business affairs abiding by LLP agreements. In this organization every member share individual responsibilities and one is not responsible for the other person’s misconduct or negligence.
DIFFERENCE BETWEEN LLP, COMPANY AND PARTNERSHIP
|REGISTRATION||Compulsory registration required with the ROC. Certificate of Incorporation is conclusive evidence.||Not compulsory. Unregistered Partnership Firm will not have the ability to sue.||Compulsory registration required with the ROC|
|NAME||Name of a public company to end with the word “limited” and a private company with the words “private limited”||No guidelines.||Name to end with “LLP” Limited Liability Partnership”|
|CAPITAL CONTRIBUTION||Private company should have a minimum paid up capital of Rs. 1 lakh and Rs.5 lakhs for a public company||Not specified||Not specified|
|LEGAL ENTITY STATUS||is a separate legal entity||Not a separate legal entity||is a separate legal entity|
|LIABILITY||Limited to the extent of unpaid capital.||Unlimited, can extend to the personal assets of the partners||Limited to the extent of the contribution to the LLP.|
|NO. OF SHAREHOLDERS / PARTNERS||Minimum of 2. In a private company, maximum of 50 shareholders||2-20 partners||Minimum of 2. No Maximum|
|FOREIGN NATIONAL AS SHAREHOLDER / PARTNER||Foreign nationals can be shareholders||Foreign nationals cannot form partnership||Foreign nationals can be partners|
|TAXABILITY||The income is taxed at 30% + surcharges+cess||The income is taxed at 30% + surcharges+cess||Not yet notified|
|MEETINGS||Quarterly Board of Directors meeting, annual shareholding meeting is mandatory||Not Required||Not Required|
|ANNUAL RETURN||Annual Accounts and Annual Return to Filed with ROC||No Returns to be filed with Registrar of Firms||Annual statement of accounts and solvency & Annual Return has to be filed with ROC|
|AUDIT||Compulsory, irrespective of share capital and turnover||Compulsory||Required, if the contribution is above Rs. 25 lakhs or if annual turnover is above Rs. 40 lakhs|
|HOW DO THE BANKERS VIEW||High creditworthiness, due to stringent compliances and disclosures required||Creditworthiness depends on goodwill and credit worthiness of the partners||Perception is higher compared to that of a partnership but lesser than a company|
|DISSOLUTION||Very procedural. Voluntary of by order of National Company Law Tribunal||By agreement of the partners, insolvency or by Court Order||Less procedural compared to company. Voluntary of by order of National Company Law Tribunal|
|WHISTLE BLOWING||No such provision||No such provision||Protection provided to employees and partners who provide useful information during the investigation process|
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