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Proprietorship in India is a type of unregistered business entity that is owned, managed, and controlled by one person.
Partnership firm registration is required when two or more parties sign a formal agreement to manage and operate a business.
Partnership firm registration is required when two or more parties sign a formal agreement to manage and operate a business.
LLP provides the advantages of a Company and the flexibility of a Partnership firm into a single organization.
A private limited company in India is governed by the Ministry of corporate affairs (MCA). To register a company in India a minimum of two people are required to act as directors and shareholders.
| 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 | |||
| 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 | ||||
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