vs LIMITED LIABILITY PARTNERSHIP Particulars PVT LTD COMPANY OPC LLP Governed By Companies Act 2013 and various Rules made thereunder The Limited Liability Partnership Act 2008 and various Rules made ID: 585959
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Slide1
PRIVATE LIMITED COMPANY / OPC v/sLIMITED LIABILITY PARTNERSHIPSlide2
ParticularsPVT LTD COMPANY / OPC
LLP
Governed By:-
Companies Act, 2013 and various Rules made
thereunder
.
The Limited Liability Partnership Act, 2008 and various Rules made
thereunder
.
Number of
Members:-
Minimum 2 &
Maximum
200
members in case of Private Company and Minimum 7 members in case of Public Company.
Minimum 2
Designated partners out of which
atleast
one should be resident in India. N
o
limitation of maximum number of partners.
Voting Rights:-
Voting rights are in proportion to the shares held by members.
Each partner has only one vote.
Borrowing:-
Can’t borrow unsecured loans easily
Can borrow unsecured loans
Compliances:-
Pvt
Ltd Company will have large number of compliance
requirement as compared to LLP
LLP will have
lesser compliance requirements
as compared to a company
Drawings:-
Drawings are not permitted
Drawings are permitted as per the LLP agreement
Dividend
Distribution Tax
Applicable
Not ApplicableSlide3
ParticularsPVT LTD COMPANY / OPC
LLP
Accounts & Audit
Every Pvt Ltd Company should get their books of accounts audited.Audit is mandatory only if turnover exceed Rs 40 lacs or capital contribution exceeds Rs.25 lacs Minimum Capital Requirement No such requirement No such requirementCharter of Company:-Memorandum and Article of Association is the charter of the company.LLP Agreement is a charter of the LLP.Meetings:-Meeting of Board of Directors / Shareholders have to be held at specific time period as per the provisions of Companies Act, 1956.Meeting of the Designated Partners have to be held at specific time period as per the Provisions of LLP Act.Annual Filings:-Balance Sheet , Profit & Loss and Annual Return to be filed with Registrar every year.Statement of Accounts & Solvency and Annual Return to be filed with Registrar every year.
NOTE :
As per Companies Act, 2013 some provision such as Meeting, quorum, Borrowings etc. are not applicable to the OPC.