Professional Documents
Culture Documents
ACT 2008
By
AKHIL KHANNA
B.COM(H)
UNIVERSITY OF DELHI
International Experience
• FRANCE :- LLP brought under Regulation first in 1673
Partnership LLP
Legal Entity Not Separate Separate
Perpetual No Yes
succession
No. of Min. 2 Max. 20 Min2 , Max NA
members
Governing Indian Partnership LLP Act….
law Act
Partnership vs. LLP
Partnership LLP
Partner’s No legal DP to obtain DPIN
Identity requirement
Liability Unlimited Limited to
contribution
Names No regulation Regulated
Audit Only if turnover Only if turnover
exceeds 40L – exceeds 40L or
44AB contribution 25 L
Company vs. LLP
Company LLP
Legal Entity Separate Separate
Perpetual Yes Yes
succession
Capital 1 Lakh for Pvt. & 5 Contribution as
Requirement Lakh for Public Ltd. per LLPA
Cos.
No. of Pvt-Min2 Max 50 Min2 , Max NA
members Pub-Min3 Max NA
Company vs. LLP
Company LLP