Tag - company registration in pune

Partnership firm vs LLP

Comparison between Partnership Firm and (LLP ) Limited Liability Partnership

Partnership Firm Limited Liability Partnership (LLP)
Partnership Firms are registered under the Partnership Act 1992 LLP is 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 the same business again.
The name does not end with the format of registration. Name ends with LLP.   Example: XYZ  IT Solutions LLP, Raheja Developers LLP.
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