Following Persons are excluded from the Counting of Two Hundred Members:<\/strong><\/p>\n\n\n\n The process of LLP Registration<\/strong><\/a> and Pvt Ltd. Company Registration is very much similar, but there is a difference in documents and forms, which are required to be filed with the ROC.<\/p>\n\n\n\n The Procedure for LLP Registration is as Follows:<\/p>\n\n\n\n Incorporation process of Private Limited Company is as Follows:<\/p>\n\n\n\n Both of them have similar characteristics; such as separate legal entity, perpetual succession, easily transferability of ownership, etc.<\/p>\n\n\n\n Nowadays an LLP is becoming popular for service providers and small businesses as it requires less compliance and cost. But a private limited company have greater applicability, a private limited can raise funds easily and it is more trustworthy in the eyes of stakeholders.<\/p>\n\n\n\n The incorporation cost and the statutory fee for LLP registration are generally cheaper than charges for registration of a Private Limited Company. Even incorporation of LLP requires fewer documents and judicial stamp papers in comparison to documents required in case of Private Limited Company Registration<\/strong><\/a>.<\/p>\n\n\n\n For incorporating an LLP, there must be at least two partners; however, there is no limit on maximum numbers of designated partners.<\/p>\n\n\n\n Whereas, a private limited company can be incorporated into a minimum of two directors and there is a restriction of not having more than 200 members.<\/p>\n\n\n\n Every registered company, whether public or private, is required to get their accounts audited by a statutory auditor irrespective of their share capital, turnover, etc.<\/p>\n\n\n\n However, in the case of LLP, an audit is required only if:<\/p>\n\n\n\n In comparison to companies, an LLP is required to file forms to ROC. Comparatively, LLPs are not obligated to maintain statutory registers, while companies are required to maintain various registers and records.<\/p>\n\n\n\n Generally, the form filing fee for an LLP is less than the fee payable by a company.<\/p>\n\n\n\n After the first board meeting after incorporation of the company, the company is required to hold a minimum of four Board meetings during a financial year and at least one board meeting in each quarter. So, basically, a company is required to hold at least five board meeting in each financial year.<\/p>\n\n\n\n However, no such requirement for holding meetings of designated partners is applicable to LLP.<\/p>\n\n\n\n Ownership of a private limited company is determined by the shareholding. The Directors of the Company can be its promoter or any other person as may be appointed by the Company.<\/p>\n\n\n\nIncorporation Process of LLP<\/h2>\n\n\n\n
Private Limited Company Registration Process<\/h2>\n\n\n\n
Characteristics<\/h3>\n\n\n\n
Popularity<\/h3>\n\n\n\n
Incorporation Cost and Documentation<\/h3>\n\n\n\n
Number of Directors\/ Designated Partners<\/h3>\n\n\n\n
Requirement of Audit<\/h3>\n\n\n\n
Compliances and Filings<\/h3>\n\n\n\n
Filing Fee and Other Charges<\/h3>\n\n\n\n
Meetings of Directors\/ Designated Partners<\/h3>\n\n\n\n
Ownership<\/h3>\n\n\n\n
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