Hence, the various attributes of the LLP structure such as lower compliance costs, flexibility in operations, better control over management and limited liability make it an attractive alternative. LIMITED SR. LIABILITY PARTNERSHIP PARTICULARS NO. PARTNERSHIP ACT, 1932 ACT, 2008 1 Registration Compulsory Optional 2 Creation Created by Created by law contract Separate It is separate It is not 3 Legal Entity legal entity, separate legal separate from entity from its partners\ partners. designated Partners are partners. collectively referred as firm. 4 Perpetual Yes. No. succession 5 Purchase of LLP can Cannot Property purchase purchase property in its property in its name name 6 Common Seal It denotes the Not required signature of the Company and LLP may have its own common seal, if it besides to have one. 7 Formalities of Various Partnership Incorporation documents / deed along declarations with form/ executed in affidavit prescribed required to be formats filed with in Registrar of designated firms along are with requisite required to be filing fees. filed with ROC along with filing fee. 8 Expenses for Minimum Minimum formation Statutory fee Statutory Fee for does not incorporation exceed to Rs.
Hence, the various attributes of the LLP structure such as lower compliance costs, flexibility in operations, better control over management and limited liability make it an attractive alternative. SR. NO. PARTICULARS LIMITED LIABILITY PARTNERSHIP ACT, 2008 PARTNERSHIP ACT, 1932 1 Registration Compulsory Optional 2 Creation Created by law Created by contract 3 Separate Legal Entity It is separate legal entity, separate from its partners\ designated partners. It is not separate legal entity from partners. Partners are collectively referred as firm. 4 Perpetual succession Yes. No. 5 Purchase of Property LLP can purchase property in its name Cannot purchase property in its name 6 Common Seal It denotes the signature of the Company and LLP may have its own common seal, if it besides to have one. Not required 7 Formalities of Incorporation Various documents / declarations executed in prescribed formats in designated are required to be filed with ROC along with filing fee. Partnership deed along with form/ affidavit required to be filed with Registrar of firms along with requisite filing fees. 8 Expenses for formation Minimum Statutory fee for incorporation Minimum Statutory Fee does not exceed to Rs.