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LLP and Partnership Firm are both the types of business formations through which Partnership business can be done.
LLP is a new concept while Partnership is an old concept. LLP and Partnership are different as Partnership is an old concept while LLP is a newly established concept introduced in India by Limited Liability Partnership Act, 2008.
Under the partnership, each partner owns a share of the business. This is a business structure which is less expensive and it is even more customizable than a corporation while Limited Liability Partnership has the advantages of both Partnership and LLP as it has the limited liability of the Partners.
Differences between LLP and Partnership Firm
Particulars
Limited Liability Partnership
Partnership
Registration under Act
It is registered under LLP Act, 2008
It is registered under Partnership Act, 1932
Registered to
LLP registration is done with to Ministry of Corporate Affairs
Partnership registration is done with to Registrar of firms.
Liability
One of the main difference between LLP and Partnership is about the liability of Partners. Since the partner and the firm is considered as a separate legal entity. Hence, the liability of the partners is limited to the amount invested in the company.
Since the partner and the firm is not considered as a separate legal entity. Hence, Partners are personally liable for the unlimited amount of liabilities of the partnership
A number of partners and requirements
Minimum 2 and no upper limit for maximum number of partners in LLP.
No minor can be partner
Minimum 2 and maximum 20 partners can be the member of the partnership firm.
Minor can be a partner.
Agreement between partners
LLP Agreement governs the operation, management and decision-making methodologies and other activities of the LLP.
Partnership Deed governs the operation, management and decision-making methodologies and other activities of the partnership.
Transferability /Conversion
Shares can be easily transferred to another person after obtaining the required consent from all the Partners in an LLP.
The transferee cannot become partner automatically.
LLP cannot be converted back to the partnership but can be converted to Private Limited Company or Limited Company easily.
Shares can be transferred to another person after obtaining the required consent from all the Partners in a Partnership.
Transferability of the partnership a is a lengthy process.
Conversion of partnership to LLP or Private Limited Company is a burdensome process.
Compliance
Mandatory to file the annual return to Ministry of Corporate Affairs. You can get LLP Annual filing with Hire CA at just Rs 2499/-
No requirement of annual return filing
Cost of registration
Get LLP Registration online for Rs. 7999/- only.
Get partnership registration online for Rs.2199/- only.