Diff Pvt. Ltd. Co.-LLP-Partnership-Sole proprietorship-HUF
Pvt. Lt. Co. | OPC | LLP | Partnership Firm | Sole Proprietor | HUF | |
Governed By: | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Act, 2008 | Indian Partnership Act, 1932 | No Specific Act. | Hindu Law Board comes under Income Tax Act, 1961 |
Registration | Mandatory | Mandatory | Mandatory | Optional | As per nature of Business | Registration required |
No. of members for Formation | Minimum 2 Maximum 200 | Only 1 person | Minimum 2 No maximum 20 limit | Minimum 2 Maximum 20 | Only 1 person | Minimum 2 Maximum no limit |
Control and Management | Separate owner and Management | Direct Control | Controlled and Managed by Partners | Direct Control | Direct Control | Controlled by Karta and Managed by Co-Parceners |
Liability criteria | Limited | Limited | Limited | Unlimited | Unlimited | Unlimited to Karta and Limited of Co-Parceners |
Separate Legal Entity | Yes | Yes | Yes | No | No | Yes |
Perpetual Succession | Yes | Yes | Yes | No | No | Yes |
Tax Compliances | High | Minimum | Minimum | Less | Less | Less |
Tax Rates | 22 % ON Net Profit | 22 % ON Net Profit | 30 % ON Net Profit | 30 % ON Net Profit | Slab Rate | Slab Rate |
Raising Funds | Quite Easy | Easy | Quite Easy | Not easy | Not easy | Easy |
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