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Difference between corporate and LLP?

manisha (cs) (1118 Points)

18 December 2016

What is the difference between corporate and LLP?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166294 Points)
Replied 18 December 2016

LLP means Limited Liability PARTNERSHIP

Hence none of above is Corporate. But LLP is having practically all the advantage of corporate, hence treated as BODY CORPORATE.

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manisha (cs) (1118 Points)
Replied 18 December 2016

corporate mean company

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gopal (student) (212 Points)
Replied 18 December 2016

Pertaining to corporations. Corporations are the most common form of business organization, and one which is chartered by a state and given many legal rights as an entityseparate from its owners. This form of business is characterized by the limited liability of its owners, the issuance of shares of easily transferable stock, and existence as a going concern. The process of becoming a corporation, called incorporation, gives the companyseparate legal standing from its owners and protects those owners from being personally liable in the event that the company is sued (a condition known as limited liability). Incorporation also provides companies with a more flexible way to manage their ownership structure. In addition, there are different tax implications for corporations, although these can be both advantageous and disadvantageous. In these respects, corporations differ from sole proprietorships and limited partnership.
reference: investerwords

me ash (student) (29 Points)
Replied 19 December 2016

Body corporate or corporate simply means artificial person formed under recognised law.

It also includes LLP.

manisha (cs) (1118 Points)
Replied 19 December 2016

few saying llp not corporate few in favour

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166294 Points)
Replied 19 December 2016

LLP is separate legal entity, separate from its partners\ designated partners. Its created by law, shares of partners can be transferred. Liability of partners is limited upto their capital contribution, CLB has jurisdiction over the affairs of the LLP. Hence A LLP is a body corporate formed and incorporated under the act and which has legal entity separate from that of its partners, having perpetual succession and liability of its partner shall be limited. Only thing is suffix ‘LLP’ or Limited Liability Partnership has to be added to the name, and not Company.

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