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  Introduction: The LLP is termed as Limited Liability Partnership , basically a partnership firm with limited liability on its partners. The regular partnership firm is quite different than that of the LLP. In this article we will see the difference between regular partnership firm and LLP along with some of the important features of LLP. An LLP is a format where partners comes together to form a partnership firm which has legal backing. It is Partnership firm with benefits of company. What is LLP? An LLP is the partnership firm regulated by Limited Liability Partnership Act, 2008. The concept of LLP is formed in order to limit the liability of its partners and to conduct of the partners. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The liability of all the partners in any regular partnership firm is unlimited which means that an act of other partners is binding on all the partners.

Introduction : The private limited company is distinct entity incorporated under companies’ act 2013/1956. It is one of the most convenient ways of doing business in a legal format. Since this format of doing business is governed by particular statutory act it carries certain set of characteristics which defines the basic nature of company. Unlike a natural person, a company is an artificial judicial person which runs by its directors and owned by shareholders cum members. Directors of company are in fiduciary relationship with company. They are imposed with the responsibility to run the company in the best interest of company and its members.  The directors are not the owners of company. The members of company who possess the shares/stock of company are the real owners of company. In this article we will discuss 4 basic characteristics of company which defines the company at its best. 1) Perpetual succession: The directors or members may come and go but company shall always run