Comparision between Partnership Firm and (LLP ) Limited Liability Partnership Posted by H K On February 11, 2018 0 Comments Partnership Firm Limited Liability Partnership (LLP) Partnership Firms are registered under the Partnership Act 1992 LLP are registered under the Limited Liability Act 2008 Ministry of Corporate Affairs.(ROC) Partnership Firms do not have Separate Legal Entity Status LLP has Separate Legal Entity status No Limited Liability feature Limited Liability feature available Foreign Direct investment not allowed Foreign Direct Investment Allowed with approvals from RBI No Perpetual Existence Perpetual Existence Not Transferable Transferable by transferring shares Annual compliance filing not required Annual ROC compliance required to be done. No Corporate Identity Corporate Identity Partnership Firm name can be used by any other entity in same business LLP name reserved by MCA, not given to any other entity in same busiiness again. Name does not end with format of registration. Name ends with LLP. Example : XYZ IT Solutions LLP , Raheja Developers LLP .