LLP REGISTRATION
What is the difference between LLP Act, 2008 and Partnership Act, 1932?
Ahmedabad, Gujarat
The Limited Liability Partnership Act, 2008 and the Indian Partnership Act, 1932 differ mainly in structure, liability, and legal status.
🔑 Key Differences:
- Legal StatusLLP is a separate legal entity; partnership is not.
- LiabilityLLP → Limited liabilityPartnership → Unlimited liability
- RegistrationLLP → MandatoryPartnership → Optional
- ContinuityLLP → Perpetual successionPartnership → Can dissolve on partner exit
- OwnershipLLP owns assetsPartnership assets belong to partners
👉 Conclusion: LLP is more secure and modern compared to traditional partnership.