Fishy Tank

Tuesday, September 28, 2010

Similarities between Company and Limited Liability Partnership


Sr.
no.
Company
Limited Liability Partnership
1
Limited liability and perpetual succession
Limited liability and perpetual succession
2
Must have common seal

Common seal is optional
3
Provisions of approval of name, change of name are similar.

Provisions of approval of name, change of name are similar.

4
REGISTRAR OF COMPANIES is the administrative authority

REGISTRAR OF COMPANIES is the administrative authority

5
Provisions of name, its approval and change are similar.

Provisions of name, its approval and change are similar.


6
No personal liability of individual director or member [except of director
of private company in some cases like income tax and sales tax dues].
No personal liability of partner, except in case of fraud.
7
Complicated procedure for change of registered office, particularly when change is to other State

Simple procedure to change registered office of LIMITED LIABILITY PARTNERSHIP  anywhere in India just
by informing  REGISTRAR OF COMPANIES and following prescribed conditions
8
Memorandum and Articles, details of directors, accounts, annual return,
special resolutions etc. filed by  LIMITED LIABILITY PARTNERSHIP with  REGISTRAR OF COMPANIES will be available for public
inspection
Incorporation document, details of partners, accounts, statement of solvency
and annual return filed by LIMITED LIABILITY PARTNERSHIP with  REGISTRAR OF COMPANIES will be available for public inspection


9
Powers to Central Government to inspect records of company and to order investigation

Powers to Central Government to inspect records of company and to order investigation

10
Provisions of compromise, arrangement or reconstruction of companies are
similar


 Provisions of compromise, arrangement or reconstruction of LIMITED LIABILITY PARTNERSHIP

11
Company can be would up voluntarily or by order of Court

LIMITED LIABILITY PARTNERSHIP can be would up voluntarily or by order of Court

12
REGISTRAR OF COMPANIES can strike off name of defunct company.

ROC can strike off name of defunct  LIMITED LIABILITY PARTNERSHIP




















































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7 comments:

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    ReplyDelete
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