Partnership to LLP
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Partnership to LLP
Incase You are planning to convert your partnership firm into an LLP or even confused between choosing the right body corporate between an LLP and partnership, we have listed below a basic comparison between LLP and partnership firm.
| Parameters | Limited Liability Partnership | Partnership Firm |
|---|---|---|
| Separate legal entity | Yes | No |
| Liability on Partners | The liability is limited to the extent of the partners contribution on an individual level. One Partner’s action does not affect the others. | The liability may extend to personal assets of Partners. The actions of an active Partner affects the other as well. |
| No. of Partners- Min/Max | Minimum 2 Partners without any maximum bar. | Minimum 2 maximum 50. |
| Existence dependency | Doesn’t get affected by the changes in the Partners of LLP. | Gets affected on a partner’s removal or death as specified in the Partnership Deed. |
| Registration mandate | Registration mandatory with ROC (Registrar of Companies), MCA. Avails Centralized Registration’s benefits. | Registration not mandatory. In cases of registrations, its done with local Registrar of Firm. |
| Statutory Compliances | LLP Act mandates the statutory Compliances in addition to compliance under Income Tax Act. | No additional compliances except for those in mentioned in Income Tax Act. |
| Data accessible | Documents are available publically on MCA portal due to the centralized Registration. | No information is disclosed on public platform. |
| Higher Creditability | The centralized registrations offers transparency in operations, business status hence increasing credibility. | lesser credibility as compared to the other body corporates. |
| Unique identity | Uniqueness is practiced in LLP and Pvt. Ltd. Companies | No restriction on similar names of Partnership. |
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