{"id":476,"date":"2022-03-03T08:33:15","date_gmt":"2022-03-03T08:33:15","guid":{"rendered":"https:\/\/www.bbnc.in\/blog\/?p=476"},"modified":"2022-03-03T08:33:15","modified_gmt":"2022-03-03T08:33:15","slug":"difference-between-pvt-ltd-vs-llp-vs-sole-proprietorship-vs-public-ltd-vs-opc-vs-partnership","status":"publish","type":"post","link":"https:\/\/www.bbnc.us\/blog\/setting-up\/difference-between-pvt-ltd-vs-llp-vs-sole-proprietorship-vs-public-ltd-vs-opc-vs-partnership\/","title":{"rendered":"Difference Between Pvt Ltd vs LLP vs Sole Proprietorship vs Public ltd vs OPC vs Partnership"},"content":{"rendered":"
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If you are planning to start a business or even are just beginning, the legal structure for your business would act as a great essential part regarding operation.<\/p>\n

Every single business owner in India must select the best suitable entity type for their business, hence they must know their options and possess a legal structure for their business.<\/p>\n

Choosing the proper legal structure is usually aligned to the particular goals of the business and the regional and key laws and regulations where it wants to establish its business.<\/p>\n

Well-defined goals allow the entrepreneur to choose the best legal structure for his\/her business.<\/p>\n

For example, specific companies wish to get the advantages of becoming a startup<\/a> within India. For this particular purpose, there is a requirement to register the entity as a Private Limited Company<\/a> or even a Limited Liability Partnership<\/a>.<\/p>\n

Following would be the most common types associated with business structures in India.<\/p>\n

 <\/p>\n

Most Common Business Structures in India<\/strong><\/h2>\n
    \n
  1. Sole Proprietorship<\/li>\n
  2. Partnership<\/li>\n
  3. Limited Liability Partnership<\/li>\n
  4. Private Limited Company<\/li>\n
  5. Public Limited Company<\/li>\n
  6. One-Person Company<\/li>\n<\/ol>\n

    Differences Are as Follows:<\/strong><\/h2>\n

    1. Meaning:<\/h3>\n

    This point speaks about the meaning of each entity type, how the one entities meaning is different from another<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>A sole proprietorship is a business owned and operated by a single person with no legal difference between the owner and the business entity.<\/td>\n<\/tr>\n
    Partnership<\/td>A partnership is a legally binding agreement between two or more parties to jointly manage and operate a business and share profits.<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>A limited liability partnership (LLP) is a business structure in which some or all of the members have limited liability.<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>The term \"private limited company\" refers to a firm that is not publicly traded and whose shares are held privately by its members.<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>A public limited Companies one that is listed on a well-known stock exchange and whose shares are freely exchanged by the general public.<\/td>\n<\/tr>\n
    One-Person Companies<\/td>A one-person corporation (OPC) is a company founded by one person.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    2. Minimum Number of Members:<\/h3>\n

    This heading speaks about the minimum number of members are required to start a business entity, if someone does not meet this requirement they will not be able to form the entity.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Only one person can be a member.<\/td>\n<\/tr>\n
    Partnership<\/td>To form a partnership, you'll need at least two people or entities<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>To form an LLP, you'll need at least two people or entities.<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Minimum 2 members<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>Minimum 7 members are required<\/td>\n<\/tr>\n
    One-Person Companies<\/td>Only 1 person is required to start the entity.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    3. Transferability\/Perpetual Succession:<\/strong><\/h3>\n

    Transferability or perpetual succession means in case of death of the owner or if the owner wants to transfer his shares<\/a> to another person will he\/she be able to transfer it to another person.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Non-Transferable<\/td>\n<\/tr>\n
    Partnership<\/td>Non-Transferable<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>Transferable<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Transferable<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>Transferable.<\/td>\n<\/tr>\n
    One-Person Companies<\/td>Transferable to only its nominee<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    4. Maximum Number of Members\/Shareholders:<\/h3>\n

    This point speaks about the maximum number of members or shareholders an entity can have.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Can have max 1 member.<\/td>\n<\/tr>\n
    Partnership<\/td>Only 20 people are allowed to participate.<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>The number of partners in an LLP is limitless.<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>There can only be 200 members in a Private Limited Company.<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>Unlimited<\/td>\n<\/tr>\n
    One-Person Companies<\/td>Only one person can be a member of the OPC<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    5. Minimum Number of Directors\/Partners:<\/h3>\n

    Directors\/partners are the decision-makers of the company, and there is a limit on the maximum number of directors a company can have.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Owner is the director<\/td>\n<\/tr>\n
    Partnership<\/td>Minimum 2 people are required<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>Minimum 2 Partners are required<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Minimum 2 Directors are required<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>Minimum 3 Directors are required<\/td>\n<\/tr>\n
    One-Person Companies<\/td>Minimum 1 Director is required<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    6. Liability:<\/h3>\n

    A liability is something a person or company owes, usually a sum of money. Limited liability means the owners are liable for only their portion of shares.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Unlimited liability<\/td>\n<\/tr>\n
    Partnership<\/td>Unlimited liability<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>Limited liability<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Limited liability<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>Limited liability<\/td>\n<\/tr>\n
    One-Person Companies<\/td>Limited liability<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    7. Taxation:<\/h3>\n

    Taxation talks about the % of tax levied on the profit of an entity, each entity is taxed differently.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Taxed as specific, based on typically the total income involving the Proprietor.<\/td>\n<\/tr>\n
    Partnership<\/td>Partnership gains are taxed on 30% plus overcharge and cess like applicable.<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>Limited Liability Partnerships are taxed at 30% and also surcharge and cess as applicable.<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Private Limited Company gains are taxed on 25 % plus overcharge and cess like applicable.<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>It is eligible for tax under Income tax Act, 1961. tax rate of 25% on the complete income<\/td>\n<\/tr>\n
    One-Person Companies<\/td>One person Company profits happen to be taxed at 25% plus surcharge together with cess as pertinent.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    8. Transfer of Shares:<\/h3>\n

    Transfer of shares refers to the intentional transfer of shares from one person\/entity to another person\/entity.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Transfer of share not possible<\/td>\n<\/tr>\n
    Partnership<\/td>Not freely transferable<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>Freely transferable<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Freely transferable<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>Freely transferable<\/td>\n<\/tr>\n
    One-Person Companies<\/td>Transfer of share not possible<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    9. Legal Status of Entity:<\/h3>\n

    A Legal Entity is a separate body corporate, that has legal rights and obligations related to agreements, contracts, payments, penalties, etc.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Proprietorship is not recognised as a different legal entity and the proprietor is personally liable for the liabilities of the Proprietorship.<\/td>\n<\/tr>\n
    Partnership<\/td>Partnership is not recognised as a separate legal entity and the partners are personally responsible for the liabilities of the relationship.<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>LLP is a separate legal entity registered under the LLP act, 2008. The partners of any LLP are not personally responsible for the financial obligations of the LLP.<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Private Limited company is an independent legal entity signed up under the Companies Act, 2013.<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>A Public limited company is a separate legal entity under the companies Act 2013<\/td>\n<\/tr>\n
    One-Person Companies<\/td>One Person company is a different legal entity registered under the Companies act, 2013. <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    10. Foreign Ownership:<\/h3>\n

    This point speaks about if a foreigner can own a type of entity in India, this is applicable for Non-Resident Indians (NRI) as well.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Type of Entity<\/th><\/td>\n<\/tr>\n<\/thead>\n
    Sole Proprietorship<\/td>Foreign ownership is not possible<\/td>\n<\/tr>\n
    Partnership<\/td>Foreign ownership is not possible<\/td>\n<\/tr>\n
    Limited Liability Partnership<\/td>Foreigners are permitted to invest within a LLP just with prior authorization of Reserve Bank of India plus Foreign Investment Advertising Board (FIPB) authorization.<\/td>\n<\/tr>\n
    Private Limited Companies<\/td>Foreigners can invest in a Private Limited Company through the Automatic approval route in many industries.<\/td>\n<\/tr>\n
    Public Limited Companies<\/td>Foreigners can invest in a Public Limited Company through the Automatic approval route in many industries.<\/td>\n<\/tr>\n
    One-Person Companies<\/td>Foreign ownership is not possible<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

     <\/p>\n

    CONCLUSION:<\/strong><\/h2>\n

    This article provides a brief overview of different legal structures. However, regardless of which business entity you think best suits you, a qualified professional is most suitable to address such questions.<\/p>\n

     <\/p>\n

    Therefore, it is advised to find a suitable firm with expertise in start-up and incorporation services to ensure the proper legal structure is followed for your business. If you need any help feel free to reach out to us at info@bbnc.in<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

    If you are planning to start a business or even are just beginning, the legal structure for your business would act as a great essential part regarding operation. Every single business owner in India must select the best suitable entity type for their business, hence they must know their options and possess a legal structure […]<\/p>\n","protected":false},"author":2,"featured_media":496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[36,19,62,61],"yoast_head":"\nDifference Between Pvt Ltd vs LLP vs Sole Proprietorship vs Public ltd vs OPC vs Partnership | BBNC<\/title>\n<meta name=\"description\" content=\"Are you confused about choosing the right entity type for your business? 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