LLP Registration in India
Limited Liability Partnership is a combination of both partnership and corporation. It is a separate legal entity distinct from its owners and is eligible to enter into a contract and acquire property in its own name. Its partners have limited liability in the business and are not personally liable for the debts of the entity. All LLPs are governed by the provisions of Limited Liability Partnership Act, 2008 and the terms of LLP agreement entered into by its partners. It is a form of registered business entity involving less cost, compliance and regulations.
Partnership Registration in India
A partnership firm is a form of simple business entity and is governed by the Indian Partnership Act, 1932. A partnership, like a sole proprietorship, is a pass-through business, meaning that the profits and losses of the business pass through to the owners.
Partnerships are agreements between two or more individuals, known as partners, in pursuit of profit, which is divided among themselves as per the mutually agrees ratios. It is a business with multiple owners, each of whom has invested in the business. A partnership firm is not a separate entity from the individual owners.
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