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Features Sole Proprietorship Business General Partnership LLP (Limited Liability Partnership) Private Limited Company
Starting up No registration required Registration is optional Mandatory registration Mandatory Registration
Business Name No approval required. Should not infringe trademark or copyright No approval required. Should not infringe trademark or copyright Approval required prior to incorporation Approval required prior to incorporation
Legal Status Not a legal entity Not a separate legal entity Separate legal entity Separate legal entity
Foreign Nationals Not allowed Not allowed Allowed (Cumbersome). Min 1 resident Designated partner needed Allowed. Min 1 resident Director needed
Repatriation Not allowed Not allowed Not allowed Allowed
Persons Min: 1, Max : 1 Min: 2, Max: 20 Min : 2, Max: No Limit Min: 2,Max: 200
Charter Document None Partnership Deed LLP Agreement Memorandum of Association (MoA) and Articles of Association (AoA)
Business Licenses Applicable as per business requirements Applicable as per business requirements Applicable as per business requirements Applicable as per business requirements
Validity Till death of Owner Dissolved on death of a partner. Can be dissolved at the will of all partners or even one partner can give notice for dissolving. Perpetual succession Perpetual succession
Registering Authority None Registrar of Firms Registrar of Limited Liability Partnerships,MCA Registrar of Companies, MCA
Governing Act None The Indin Partnership Act, 1932 The LLP Act, 2008 The Companies Act, 2013
Compliance Requirements Low Low Moderate Moderate+
Income Tax Rates Individual rates 30% 30% 30%
Profit Sharing Taxable Exempt from tax Exempt from tax Taxable
Liability Unlimited. Personal property is also covered Unlimited. Personal property is also covered Limited upto contribution in LLP (except in case of Fraud) Limited upto extent of shares hold (except in case of Fraud)
Capacity to Sue Individual level As a Firm (in case of registered firms). Individually/ Collectively (in case of not registered firms) As a Firm As a Company
Market Reputation Low Low Moderate High
Winding up/ Dissolution Easy Easy Prescribed process to be followed Prescribed process to be followed

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