Types of Government Registrations
Recommended For
Ease of Accommodating Investment
Limited Liability Protection
Tax Advantages
Perpetual Existence
Statutory Compliances
Sole Proprietorship
Small Traders and manufactures
Impossible
No
Minimal
NO
Minimal
LLP
Professional Services Firms
Ease of Accommodating Investment
Limited Liability Protection
Tax Advantages
Perpetual Existence
Statutory Compliances
Pvt. Ltd.
Recommended For
Ease of Accommodating Investment
Limited Liability Protection
Tax Advantages
Perpetual Existence
Statutory Compliances
Proprietorship vs Limited Liability Partnership (LLP) vs Company
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | For One Person Company | |||
| Registration Time | 7-9 working days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
| Documentation | ||||
| Governance | – | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
| Compliance Requirements | Know More | |||