Comparision chart

Category Partnership Company LLP
Registration Registration is optional Registration with registrar of Companies required Registration with registrar of Companies LLP require
Distinct Entity Not a seperate entity Is a seperate Legal Entity under the companies Act 2013, Is a seperate Legal Entity under limited liability Partnership Act, 2008
Cost of Formation The Cost of Formation is 7000/- Minimum statutory fee for incorporation of private company is Rs 13,000/- and Maximum statutory fee for incorporation of private company is Rs 27,000/- Minimum cost of Formation of LLP is Rs. 9000/- only Comperatively Lesser than the cost of formation of Company
Common Seal There is no concept of common seal in partnership It donate the signature of Company and every company shall have its own common seal It donate the signature and LLP may have its own common seal, dependent upon the terms of agreement
No. of Members 2 to 20 in case of Non-Banking company, and 2 to 10 in case of Banking company 2 to 15 members in case of Private Company and Minimum 7 members in case of Public Company Minnimum 2 partners and there is no limitation of maxi,um no. of partners
Ownership of Assets Partners have joint ownership of all the assets belonging to partnership firm The company independent of the members has ownership of assets The LLP independent of the partners has ownership of assets
Tax Liability Income of Partnership is taxed at a Flate rate of 30% plus education cess as applicable Income of company is Taxed at a Flate rate of 30% Plus surcharge as applicable Income of LLP is Taxed at a flat rate of 30% plus education cess as applicable.