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Contracts 2
Contracts 2
Registration under Act It is registered under LLP Act, 2008 It is registered under Partnership Act, 1932
LLP registration is done with to
Registered to Partnership registration is done with to Registrar of firms.
Ministry of Corporate Affairs
•Minimum 2 and no upper limit for maximum number of •Minimum 2 and maximum 20 partners can be the member
A number of partners and
partners in LLP. of the partnership firm.
requirements
• No minor can be partner •Minor can be a partner.
LLP Agreement governs the operation, management and Partnership Deed governs the operation, management and
Agreement between partners decision-making methodologies and other activities of the decision-making methodologies and other activities of the
LLP. partnership.
Cost of registration Get LLP Registration online for Rs. 7999/- only. Get partnership registration online for Rs.2199/- only.
Comparison between partnership firm and company
BASIS FOR COMPARISON PARTNERSHIP FIRM COMPANY
Meaning When two or more persons agree to carry on a A company is an association of persons who invests
business and share the profits & losses mutually, it is money towards a common stock, for carrying on a
known as a Partnership firm. business and shares the profits & losses of the
business.
Governing Act Indian Partnership Act, 1932 Indian Companies Act, 2013
How it is created? Partnership firm is created by mutual agreement The company is created by incorporation under the
between the partners. Companies Act.