Features | Proprietorship | Partnership | LLP | Company |
---|---|---|---|---|
Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
Ownership |
For One Person Company |
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Registration Time | 7-9 working days | |||
Promoter Liability | Unlimited Liability | Limited Liability | ||
Documentation | ||||
Governance | - | Under Partnership Act | Under Companies Act 2013 | |
Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
Compliance Requirements | Know More |
Many small businesses pay lakhs in penalty every year to the Government for late filing various statutory returns. Such penalty or late fee paid is not tax deductible and is a drain on profitability. At IndiaFilings, our mission is to provide the most affordable services to our customers and help them avoid all late fee.To achieve our mission - we have built enterprise grade technology to help you proactively know the upcoming compliance and avoid penalty.Checkout our compliance services below, talk to an Advisor and stop paying unwanted late fees.
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
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Last updated: Mar 21, 2022
Partnership Firm Registration FAQ's