Limited liability partnership is a partnership but as it is clear from the name itself, it has a limited burden of liability distinct from the traditional one where the liability was not limited and all the partners had to bear the burden in case of loss in business. An LLP have the benefits of both a Partnership and a company. In reality, It lies somewhere between the partnership and the body corporate.

A limited liability partnership (LLP) is a hybrid corporate business vehicle that has a perpetual succession and separate legal entity. It not only provides the benefits of limited liability but also allows its partners the flexibility of organizing their internal structure as a general partnership. As a hybrid business entity, the LLP combines the limited liability features of companies with the operational flexibility of partnerships.

A partnership deed is a written agreement between two or more partners willing to undertake business jointly. It consist of all the terms & condition agreed by the respective partners ie, their capital introduced, profit sharing ratio, kind of partners, about the nature of business, working of the firm, dissolution/liquidation of the firm& so on.

Initially the process of registration in the state of Maharashtra was done manually and not system driven, however recently this process has changed to online in Maharashtra. The registration formality needs to be completed online with uploading of various Scanned Documents along with online Application forms.

Proprietorship firm is an unregistered legal entity so Its need only the legal entity proof from the government to deals with the vendor or banks etc. There is no Registration Certificate under the Firm Act. its a very simple business formation for small entrepreneurs who want to test their ideas or start with small capital with low cost of formation. As per the nature of business AARAMBAN consultancy assist you to obtain necessary licenses and registratiSons so that current account can be opened in the name of business.

Trust is a simpler entity. It is easier to register and run. Such an organization is primarily based on trust. Donors give you money “trusting” that you will make good use of it for the objectives stated in your trust deed. Trustees are not answerable to anyone except the Charity Commissioner and the relevant laws. If the Income Tax department is providing 80g and 12a exemptions —they can revoke it if trustees do not follow the rules and objectives mentioned in the trust deed.

Society, on the other hand is a more democratic organization. All the members of the governing body are also answerable to each other and they have to keep the donors and the Registrar of Societies informed about what decisions are being made by them. Societies have to keep records of the meetings of the governing body.