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Limited Liability Partnership and Private Company – A Comparison

  1. Limited Liability Partnership requires a minimum of two partners. However there is no maximum limit like a Private Limited Company. For a Private Limited Company, maximum number of members is limited to 200
  2. Lesser compliance costs :-Now a days the, its very difficult to do statutory compliances, since new eforms and disclosure norms  has been introducing day by day. However in the case of Limited Liability Partnership,  only annual return is required to file.
  3. No requirement of compulsory audit:- Every company, irrespective of their share capital and turnover are required to get their accounts audited by a practicing chartered accountant and file the audit report and accounts to ROC. But in case of Limited Liability Partnership, there is no such compulsory requirement. The accounts to be audited annually except for Limited Liability Partnership having a turnover less than Rs. 40 lacs or Rs. 25 lacs contribution in any financial year.
  4. A Limited Liability Partnership is a combination of Partnership Firm under Partnership Act and a Corporate entity. Unlike Partnership, the Liability of the Partners are Limited, like a Private Company
  5. LLP is one of the best form of entity for a Startup, if they are in service sector, since the compliance costs and legal formalities are very low.
  6. Government is always aiming and introducing new disclosure requirements for companies only, hence there is no headace of ignorance of law.
  7. LLP agreement is the base and bye law of an LLP. We can add any conditions and restrictions in it. However in the case of Private Companies, we need to follow memorandum of association, articles of association and other documents. And also Memorandum and Articles has prescribed format and deviation from it is very difficult.

We, at Registrationkerala.com provides LLP registrations at an affordable charge for startups and provides all post registration complaince guidelines at free of cost.


Gayatri Dhote

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