Distinction
between LLP and Limited Liability Company (LLC)
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Basis
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LLP
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LLC
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1.
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Regulating Act
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The LLP Act, 2008.
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The Companies Act, 2013.
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2.
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Members/Partners
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The persons who contribute to LLP
are known as partners of the LLP.
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The
persons who invest the money in the shares are known as members
of the company.
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3.
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Internal governance structure
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The internal governance structure of a LLP is governed
by agreement between the partners.
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The internal governance structure of a company is regulated by statute (i.e., Companies Act, 2013).
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4.
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Name
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Name of the LLP to contain the
word “Limited Liability partnership” or “LLP” as suflx.
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Name of the public company to contain the word “limited” and Private company to
contain the word “Private limited” as suflx.
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