PRIVATE LIMITED COMPANY / OPC v/s LIMITED LIABILITY PARTNERSHIP
Particulars PVT LTD COMPANY / OPC LLP Governed By: - Companies Act, 2013 and various Rules made thereunder. The Limited Liability Partnership Act, 2008 and various Rules made thereunder. Number of Members: - Minimum 2 & Maximum 200 members in case of Private Company and Minimum 7 members in case of Public Company. Minimum 2 Designated partners out of which atleast one should be resident in India. No limitation of maximum number of partners. Voting Rights: - Voting rights are in proportion to the Each partner has only one shares held by members. vote. Borrowing: - Can’t borrow unsecured loans easily Can borrow unsecured loans Compliances: - Pvt Ltd Company will have large number of compliance requirement as compared to LLP will have lesser compliance requirements as compared to a company Drawings: - Drawings are not permitted Drawings are permitted as per the LLP agreement Dividend Distribution Applicable Tax Not Applicable
Particulars PVT LTD COMPANY / OPC LLP Accounts & Audit Every Pvt Ltd Company should get their books of accounts audited. Audit is mandatory only if turnover exceed Rs 40 lacs or capital contribution exceeds Rs. 25 lacs Minimum Capital Requirement No such requirement Charter of Company: - Memorandum and Article of Association is the charter of the company. Meeting of Board of Directors / Shareholders have to be held at specific time period as per the provisions of Companies Act, 1956. Balance Sheet , Profit & Loss and Annual Return to be filed with Registrar every year. LLP Agreement is a charter of the LLP. Meetings: - Annual Filings: - Meeting of the Designated Partners have to be held at specific time period as per the Provisions of LLP Act. Statement of Accounts & Solvency and Annual Return to be filed with Registrar every year. NOTE : As per Companies Act, 2013 some provision such as Meeting, quorum, Borrowings etc. are not applicable to the OPC.