Limited Liability Partnership (LLP) Registration as the name suggests defines limited liability to its partners. Thus it has features of both, a corporation and a partnership. One partner is responsible for only his own actions and not the actions of his partner. LLPs are governed by Limited Liability Partnership Act(LLP Act), 2008.
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TYPE | LLP | PVT | PROPRIETORSHIP | PARTNERSHIP | OPC |
Members | 2- Unlimited | 2-200 | Maximum 1 | 20-Feb | 1 |
Legal Status of Entity | Considered as separate Legal entity | Considered as separate Legal entity | Not Considered as separate Legal entity | Not Considered as separate Legal entity | Considered as separate Legal entity |
Members Liability | Liability of its members is limited | Limited to the extent of share capital | Unlimited Liability | Unlimited Liability | Limited to the extent of share capital |
Registration | Registered Under MCA | Registered Under MCA | Not Compulsory | Optional/ Can be Registered under partnership Act 1932 | Registered Under MCA and Companies Act 2013 |
Transferability Option | Can Be Transferred | Can Be Transferred | Not Allowed | Not Allowed | Allowed to only one person |
Taxation | 30% of Profit Plus CESS and Surcharges applicable | 30% of Profit Plus CESS and Surcharges applicable | As in Individual | 30% of Company Profit | 30% of Profit Plus CESS and Surcharges applicable |
Annual Filings | Filed with the registrar of the company | Filed with the registrar of the company | Income Tax Returns with the Registrar of companies | Income Tax Returns with the Registrar of companies | Filed with the registrar of the company |