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Describe and explain the difference between a general partnership and a limited partnership (LP). Also, explain...

Describe and explain the difference between a general partnership and a limited partnership (LP). Also, explain what types of professional companies are organized as LLPs and why?

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Answer #1

General Partnership

Applicable Act -The Indian Partnership Act, 1932’

Name of the entity - as per your choice

Registeration - registeration is optional

Creation - Created by contact of 2 people

Entity - Not different from the partners

Agreement Document - Partnership deed

Limited Partnership

Applicable Act -Limited liability partnership act 2008

Name of the entity - have to add LLP at the end

Registeration - registeration is compulsory

Creation - Created by law

Entity - different from the partners

Agreement Document - LLP Agreement

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