LLP or Partnership
The concept of LLP has been brought into by way of enforcing Limited Liability Act, 2008. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership under the one structure of organization. Slowly the trend in shifting from orthodox partnerships to LLP’s.
In this Post, we will discuss why doing business as LLP is advantageous over Partnership Firm.
Every Designated Partner would be required to obtain a “Designated Partner’s Identification Number” (DPIN) issued by the MCA Portal
On the basis of above comparison above it is clear why LLP should be elected over the Partnership Firm as it avails the benefits of the Partnerships with higher preference.
Not essentially everybody ought to decide on AN LLP. While company not facing the high restriction caused just in case of firms, the person might prefer for LLP considering its advantages over its disadvantages.
From the comparison above, it seems very clear that a Partnership has certain limitations. while choose the LLP route even though the registration process seems to be little lengthy. Not necessarily everyone should opt for a LLP but the one who are looking for long term growth & are willing to jump into corporate world without facing the high restriction caused in case of companies, then the person may prefer LLP considering its advantages over few of its critics.