LLP or Private Ltd. Which is better?

Gopi (Engineer) (123 Points)

04 January 2023  

Two individuals (one of them is an NRI) want to come together and engage in businesses like consultancy, dealership etc.

We are debating the pros and cons of forming LLP vs Private Ltd partnership.

Can you please suggest which one is better considering the following?:

2 partners - one of them is an NRI
Trading or dealership (no goods sold)
Liability should be limited and not exposed to personal assets

Thanks in advance!