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Partnership refers to an arrangement where in two or more person agree to carry on a business and share profits & losses mutually. It is governed by Indian Partnership Act, 1932.
To get registered under the Act is optional on the will of the partners. The charter document of the partnership is its Partnership deed and the partners have unlimited liability. Partners are collectively known as firm, so there is no separate legal entity. The maximum number of partners in case of banking business is 10 and other businesses is 20
Firms Property cannot be held in the name of the firm; also the partnership firm does not have perpetual succession. In partnership, partners are agents of firm and other partners as well.
LLP ( Partnership Firm)
Limited Liability Partnerships is a form of business operation which combines the features of a partnership and a body corporate. It is governed by Limited Liability Partnership Act, 2008. The registration under the act is mandatory. The charter document of LLP is its LLP Agreement, the liability of the partners of the LLP Agreement is Limited to capital contribution, except in case of fraud. It has a separate legal status and can sue and be sued in its name.Partners are the agents of the LLP only and it is compulsory to suffix LLP with the name. Audit of accounts is Mandatory, only if turnover and capital contribution overreaches 40 lakhs and 25 lakhs respectively.
Summary:
1.LLPs observe perpetual succession unlike in standard partnerships.
2.In an LLP, the firm is separate or independent from its individual partners while in a general partnership, all partners are collectively referred to as “the firm” itself.
3.The LLP can have one or more of its partners with limited liability as opposed to a partnership wherein all partners have unlimited liability – they are liable for the actions of all other member partners.
