Diff Pvt. Ltd. Co.-LLP-Partnership-Sole proprietorship-HUF

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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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