Business Set up
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Types of Companies And Comparison
| Features | Proprietorship | Partnership | LLP | Company |
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | Sole Ownership | Min 2 Partners Max 50 Partners | Designated Partners | Min 2 Directors Min 2 Shareholders Max 15 Directors Max 200 Shareholders For One Person Company 1 Director 1 Nominee Director |
| Registration Time | 1-2 working days 7-9 working Days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
| Documentation | MSME GST Registration | Partnership Deed | LLP Deed Incorporation Certificate | MOA AOA Incorporation Certificate |
| Governance | — | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable Transferable | |
| Compliance Requirements | Income tax filing if turnover is more than Rs.2.5 lakhs | ITR 5 | Form 11 Form 8 ITR 5 | ITR 6 MCA filing Auditor’s appointment Know More |