Differentiation

LLP,Company,Partnership and Proprietorship have been distinguished in the table given below.

LLP vs Company vs Partnership vs Proprietorship

For LLP registration, Private Limited Company registration, Partnership registration, Proprietorship registrationcontact LegalRaasta.

Basis

LLP

Company

Partnership

Sole Proprietorship

No. of personsMinimum 2

Maximum –

Minimum 7 public/2 Pvt.

Maximum -/200

Minimum 2

Maximum 100

Minimum 1

Maximum 1

Separate IdentityYes,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.
LiabiltyPartners have limited liabilityMembers have limited liability.Partners have unlimited liabilityOwner have unlimited liability
Management PowerLies  with the partners.Lies  with the Board of directors.Lies  with thepartners.Lies  with the Owner.
AuditLLP, 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.
RegulationLLP 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.