LLP & Company Comparison
Prepared by: www.llponline.in (Indian LLP Encyclopedia)
Companies are prevailed by ‘Companies Act, 1956’ Registration with Registrar of Companies required. Is a separate legal entity under the Companies Act, 1956. Minimum Statutory fee for incorporation of Private Company is Rs.6,000/- and minimum Statutory fee for incorporation of Public Company is Rs. 19,000/Memorandum and Article of Association is the charter of the company which defines its scope of operation. It will take 10 days (approx.) to incorporate (inclusive of time taken to obtain DIN) Income of Company is Taxed at a Flat rate of 30% Plus surcharge as applicable. A person can become member by buying shares of a company. Board Meetings and General Meetings are required to conducted at appropriate time. Required to maintain books of accounts, statutory registers,
Limited Liability Partnership are prevailed by ‘The Limited Liability Partnership Act, 2008’ and various Rules made there under Registration with Registrar of Companies required. Is a separate legal entity under the Limited Liability Partnership Act, 2008. The cost of Formation is statutory filling fees, comparatively lesser than the cost of formation of Company.
Cost of Formation
LLP Agreement is a charter of the LLP which denotes its scope of operation and rights and duties of the partners vis-à-vis LLP. It will take 10 days (approx.) to incorporate (inclusive of time taken to obtain DPIN)
Status of LLP has not made clear under the Taxation laws.
Admission as partner / member Statutory Meetings
A person can be admitted as a partner as per the LLP Agreement There is no provision in regard to holding of any meeting.
Maintenance of Statutory Records
Required to maintain books of accounts.
minutes etc. To compare on various other parameters Log in to www.llponline.in Our Services: LLP Formation/Registration, Procuring DPIN & Digital Signature, Drafting LLP Agreement, Converting existing business into LLP, Business set-up services and plethora of other services