Partnership & LLP difference

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72 Points Posted on 23 August 2021
please explain difference between LLP & PARTNERSHIP FIRM ?
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On 23 August 2021 at 22:01 Report
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This discussion clarifies the distinctions between a Limited Liability Partnership (LLP) and a traditional Partnership Firm. A key difference lies in partner liability: LLPs offer limited liability, protecting personal assets, while partners in a general partnership face unlimited liability. Furthermore, LLPs have mandatory annual filing requirements with the Ministry of Corporate Affairs, unlike standard partnership firms.

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PRACTICE
164 Points Posted on 24 August 2021
Llp ..there is liability for the partners whereas in case of partnership firm there is unlimited liability
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On 24 August 2021 at 06:58
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Consultant
23 Points Posted on 24 August 2021

LLP Compliance Mandatory to file the annual return to Ministry of Corporate Affairs. You can get LLP Annual filing 

 

Partnership Firm No requirement of annual return filing

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On 24 August 2021 at 09:25

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