#thelimitedliabilitypartnershipact2008

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According to the LLP Agreement, in Limited Liability Partnership (LLP), partners hold ownership and management power for Business Operations. But in Private Limited Company, according to the Companies Act, the shareholders (owners) do not necessarily have to have the power of Management. Except for this, there is a lot of differences between LLP and Private Limited Company in case fo Income Tax, Organisation structure, Provident Fund, Labours, Maintenance of statutory records.

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The Sale of Goods Act and The Indian Partnership Act

The Sale of Goods Act and The Indian Partnership Act, 11th Edition, Publish Year-December 2018, Price:₹565.00, Author-Mulla, Publisher-Lexis Nexis, ISBN-9789386515933,

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extensions of the law of contract. Divided into three parts: The Sale of Goods Act 1930, The Indian Partnership Act 1932, and The Limited Liability Partnership Act

2008

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[dailyeconomicsnet]

LLP or Private Limited Company?

LLP or Private Limited Company? This is one of the most asked questions by new and old entrepreneurs. What’s the most suitable structure to start his/her business? A simple google search would yield thousands of results and tens of good articles on the subject. I would share some of the good ones with these entrepreneurs but nevertheless, a few questions remain unanswered in those articles. So, I thought of compiling a simple table, although not exhaustive, (with the least amount of legal and financial jargon) to address such unanswered questions.

LLP is the newest kid on the block. LLP structure was introduced with the passing of The Limited Liability Partnership Act, 2008, which came into effect in early 2009. This structure has been in the west for many decades. The traditional partnership businesses burdened the partners with unlimited liability, many times this burden induced by other partners with the “principle of agency” at play. One partner’s actions leading to a massive loss became all partners’ burden. It had the potential to bankrupt the partners of the firm. LLP structure addresses this point primarily by borrowing the concept of “limited liability” from the corporate structure. On the other side, a typical corporate structure would entail a long list of compliance costs which can be prohibitive to many businesses. The fusion of traditional partnerships and corporates is LLP.

Hope the readers find the table useful. If any doubt still persists, please feel free to write to me or leave your query in the comment section. We shall be happy to get back.

Visit: https://dailyeconomics.net/start-up-msme/llp-or-private-limited-company/