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Difference between LLP and Partnership
Liability: In an LLP, partners have limited liability, while in a partnership, partners have unlimited personal liability for the business's debts.
Legal Status: An LLP is a separate legal entity, whereas a partnership is not and relies on the partners themselves.
Management: LLPs allow for flexible management structures, whereas partnerships typically involve equal management by all partners.
Continuity: An LLP continues to exist despite changes in its partners, while a partnership may dissolve if a partner withdraws or passes away.
Legal Status: An LLP is a separate legal entity, whereas a partnership is not and relies on the partners themselves.
Management: LLPs allow for flexible management structures, whereas partnerships typically involve equal management by all partners.
Continuity: An LLP continues to exist despite changes in its partners, while a partnership may dissolve if a partner withdraws or passes away.
Documents Required for REGISTRATION
- Identity Proof of Partners
- Address Proof of Partners
- Passport-sized Photographs of the Partners
- Registered Office Proof of LLP/ Partnership
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