Compare | Pvt.Ltd | OPC | LLP

Compare Private Limited | Limited Liability | One Person Company

Factors Of Comparison	Private Limited Company	One Person Company	Limited Liability Partnership
● Governing Law & Regulatory Authority	● The Companies Act 2013 & the Ministry of Corporate Affairs(MCA)	● The Companies Act 2013 & the Ministry of Corporate Affairs(MCA)	● The LLP Act 2008 & the Ministry of Corporate Affairs(MCA)
● Minimum Requirement for Formation	● 2 Shareholders ● 2 Directors ● Directors & Shareholder can be the same person	● 1 Shareholder ● 1 Director ● 1 Nominee of sole member ● Director & Shareholder can be the same person	● At least 2 partners
Maintenance of Books of Accounts	● Mandatory	● Mandatory	● Mandatory
Maintenance of Basic Statutory Records	● Minutes of the Board Meetings (min. 4 annual) & General Meetings. ● Share Register & Share Certificates. ● Statutory Register	● Share Certificates. ● Statutory Register	● Optional ● Minutes of the Meetings
Board Meetings	● First meeting within 30 days from the date of incorporation ● Minimum four board meetings in a calendar year	● No meetings required if the company has only one director	● No compulsory meeting. ● Meetings of partners may be called for events such as: ● Induction of the heir of any existing partners as a partner(s) of the LLP ● Amendment in the objects of the LLP
Annual General Meetings(AGM)	● Mandatory	● No AGM required	● Not Applicable
Annual ROC Filings	● Balance sheet, profit &loss account, cash flow statement, & statement of changes in equity in Form AOC-4 Annual return in Form MGT-7	● Balance sheet, profit &loss account, cash flow statement, & statement of changes in equity in Form AOC-4 Annual return in Form MGT-7	● Statement of account & solvency in e-Form 8 Annual return in e-Form 11
Annual Tax Filings	● Mandatory- tax return in form ITR-VI	● Mandatory- tax return in form ITR-VI	● Mandatory- tax return in form ITR-V
Statutory Audit	● Yes Compulsory. No turnover limit.	● Yes Compulsory. No turnover limit.	● Not Compulsory if turnover < Rs.40 Lakhs and capital contribution < Rs. 25 Lakhs
Alteration of Name \| Address \| Objects .etc Conversion	● Filing required with ROC approval from central govt in some cases ● A Private Company can be converted into OPC subject to: paid up share capital up to 50 lakh , OR Average annual turnover up to two crore	● Filing required with ROC approval from central govt.in same cases ● An OPC shall be converted into Private Limited Company mandatorily, subject to: paid up share capital more than 50 lakh, and Average annual turnover more than two crores during preceding three financial years	●Filing required with ROC ● Cannot be converted into a Private Limited Company directly
Closures/Dissolution	● Can be initiated voluntarily, By the Shareholder, OR By the creditors, OR By the Tribunal	● Can be initiated voluntarily, By the Shareholder,OR By the creditors, OR By the Tribunal	● Can be initiated voluntarily, By the Shareholder, OR By the Partners, OR By the order of the Tribunal
Taxation	● Taxed at 25%	● Taxed at 25%	● Taxed at 30%
Fund Raising Options	● High	● Low	● Low
Compliance Cost	● High	● Medium	● Medium
Recommended For	● Start-ups and growing companies	● Sole promoters	● Professional services firms
Ease of Accommodating Investment	● Very easy to accommodate	● Possible, but severely unlikely	● Possible, but unlikely
Tax Advantages	● Few benefits	● Few benefits	● Few benefits
Perpetual Existence	● Yes	● Yes	● Yes