Q. What is the difference between LLP and One Person Company?
Paras Mehra February 9, 2017 1.2K Views
The LLP and One person Company is totally a different story altogether. A Limited Liability Partnership is a modern way of doing the partnership business in India. Likewise, One Person Company is also a modern way of doing the sole proprietorship business in India. Let us see the difference:
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Limited Liability Partnerships (LLP) |
One Person Company (OPC) |
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It is a modern partnership with limited liability. |
It is a modern proprietorship with limited liability. |
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At least, two persons are required to register LLP in India |
Only one person is required to register in India. |
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The audit is mandatory after 40 lakh of turnover or 25 lakh of contribution (capital). |
Audit is mandatory even in the case of zero turnover irrespective of the capital amount. |
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The compliance cost is low as compared to One Person Company (OPC) |
Compliance is more than LLP |
