Company VS LLP
Some of the main differences between Companies and Limited Liability Partnerships (LLPs) are as listed below:
1. In companies, there is a very clear divide between the management of the company and ownership thereof. However, in LLPs, there is mostly no such distinction.
2. The broad rules regarding the joint stock of a company are regulated by statutes such as the Companies Act, 1956 and the Companies Act, 2013 whereas such rules are essentially contractually established by the partners in and LLP.
3. The compliance requirements vis-a-vis companies are far more stringent than LLPs. As such, LLPs enjoy much more flexibility in their functioning than companies.
Dear members, I urge you to please add to this brief list. Since LLPs seem to be the thing of the future for small scale businesses, a comprehensive set of information regarding them would be of great help to everybody. From India