of LLP is Rs. 1500/- and Maximum fee for incorporation of LLP is Rs. 7000/- (approx.) 500/- and Maximum Statutory Fee is Rs. 5000/- 19 Legal Proceeding LLP can also sue and be sued Only registered partnership can sue. 10 Name Suffix ‘LLP’ or Limited Liability Partnership has to be added to the name. No such requirement. 11 Change of name The name of the LLP can be changed with the prior approval of Central Government. The name of the Partnership firm can be changed 12 Liability Liability of partners is limited upto their capital contribution Liability of partners is unlimited 13 Agency Relationship Partners are agents of LLP Partners are agents of the firm and each other 14 Contracts / Business transaction by Member/ Directors/ Partners A partner can enter into contract with the LLP A partner can not enter into contract with the firm 15 Power of Member\ Partner\ Director The power of partners/ designated partners to conduct the day to day affairs is specified by All the partners have say in the day to day management of the firm or as specified in the
LLP agreement / LLP act. partnership deed if there is any 16 Dissolution by an act of partners / members / directors Continuance of LLP is not affected by the acts of its Partners. Partnership contract can be put to an end by anyone of the members \ on happening of event specified in Act 17 Jurisdiction of Company Law Board CLB has jurisdiction over the affairs of the LLP CLB has no jurisdiction 18 Compromise \ arrangements \ merger \ amalgamation Provisions exist for Compromise \ arrangements \ merger \ amalgamation for LLP in the act. is no provision for Compromise \ arrangements \ merger \ amalgamation in the Partnership firm. 19 Books of Accounts Needs to be maintained. Not applicable 20 Filing of Annual Accounts Statement of accounts and solvency are required to be filed with ROC annually in the prescribed format. Not applicable 21 Audit of Accounts As per the provisions of LLP act, accounts to be audited annually except for LLP’s having turnover less The Audit of accounts is as per the provisions of income tax act.
than Rs. 40 lacs or Rs. 25 lacs contribution in any financial year. 22 Mode of Service documents Documents to be served on LLP / designated partners may be served through electronic means Service of documents can not be served through electronic means 23 Annual Return Must be filed annually Not applicable 24 Director Identification Number / Designated Partner Identification Number Each Designated partner required to have a DPIN before being appointed as a Designated Partner of LLP. No such requirement 25 Minimum Number of Member Minimum two partners Minimum two partner 26 Maximum number of Member No cap of maximum number of its partners Maximum 10 for banking business and 20 for other business. 27 Designated partner Minimum two designated partner No cap on the minimum number of Managing partner 28 Memorandum and Articles of Association \ Partnership deed/ Partnership Agreement LLP Agreement is a charter of the LLP which denotes its scope of operation. Partnership Deed is a charter of the firm which denotes its scope of operation. 29 Meetings Meeting of the Designated Partners have No such requirement