Difference between company llp and partnership firm

This slide give an idea to the reader that how company LLP is different as compare to the partenership firm . so after going through these slides they would easly understood the concept and good understanding out of it

1. Comparison between Partnership Firm,
Company and LLP

2. Category Partnership Company LLP
Prevailing LawPartnership is
prevailed by ‘The
Indian Partnership
Act, 1932’ and
various Rules made
there under
Companies are
prevailed by
‘Companies Act,
2013’
Limited Liability
Partnership are
prevailed by ‘The
Limited Liability
Partnership Act, 2008’
and various Rules
made there under
Registration Registration is
optional
Registration with
Registrar of ROC
required.
Registration with
Registrar of LLP
required.
Creation Created by ContractCreated by Law Created by Law
Distinct entityNot a separate legal
entity
Is a separate legal
entity under the
Companies Act, 2013.
Is a separate legal
entity under the
Limited Liability
Partnership Act, 2008.
Name of EntityAny name as per
choice
Name to contain
'Limited' in case of
Public Company or
'Private Limited' in
case of Private
Company or OPC in
case of One person
company as suffix.
Name to contain
'Limited Liability
Partnership' or 'LLP'
as suffix.
Cost of FormationThe Cost of
Formation is
negligible
The cost of Formation
is more than the cost
of formation of firm
and LLP.
The cost of Formation
is statutory filling
fees, comparatively
lesser than the cost of
formation of
Company.
Perpetual
Succession
It does not have
perpetual succession
as this depends upon
the will of partners
It has perpetual
succession and
members may come
and go.
It has perpetual
succession and
partners may come
and go
Charter DocumentPartnership Deed is a
charter of the firm
which denotes its
scope of operation
and rights and duties
of the partners
Memorandum and
Article of Association
is the charter of the
company that defines
its scope of operation.
LLP Agreement is a
charter of the LLP
which denotes its
scope of operation and
rights and duties of
the partners vis-à-vis
LLP.