LLP,Company,Partnership and Proprietorship have been distinguished in the table given below.
LLP vs Company vs Partnership vs Proprietorship
|No. of persons||Minimum 2
|Minimum 7 public/2 Pvt.
|Separate Identity||Yes,LLP and partners are different.||Yes,company is different from its members.||No,partnership and partners are the same.||No,owner and firm are the same.|
|Liabilty||Partners have limited liability||Members have limited liability.||Partners have unlimited liability||Owner have unlimited liability|
|Management Power||Lies with the partners.||Lies with the Board of directors.||Lies with thepartners.||Lies with the Owner.|
|Audit||LLP, whose turnover does not exceed, in any financial year,Rs.40,00,000 or whose contribution does not exceed Rs.25,00,000, is not required to get its accounts audited.||Accounts are to be audited as per Company Act provisions.||Partnership, whose turnover exceed Rs.1 Cr. Is required to get its accounts audited.||Audit of accounts is not mandatory.|
|Regulation||LLP is regulated under LLP Act, 2008 by MCA.||A company is regulated under Companies Act, 2013 by MCA.||A partnership is regulated under Partnership Act,1932 by MCA.||Not regulated under any Act.|