S. NoConditionsPartnershipLLP Prevailing LawPartnership is prevailed by ‘The Indian Partnership Act, 1932’ and various Rules made there under Limited Liability Partnership are prevailed by ‘The Limited Liability Partnership Act, 2008’ and various Rules made there under  RegistrationRegistration is optionalRegistration with Registrar of Companies required.  Distinct entity Not a separate legal entityIs a separate legal entity under the Limited Liability Partnership Act, 2008. Cost of FormationThe Cost of Formation is negligibleThe cost of Formation is statutory filling fees, comparatively lesser than the cost of formation of Company. Charter Document Partnership Deed is a charter of the firm which denotes its scope of operation and rights and duties of the partnersLLP Agreement is a charter of the LLP which denotes its scope of operation and rights and duties of the partners vis-à-vis LLP. Time lineIt will take 7 days (approx.) to incorporateIt will take 10 days (approx.) to incorporate (inclusive of time taken to obtain DPIN) Tax LiabilityIncome of Partnership is Taxed at a Flat rate of 30% Plus surcharge as applicable.Status of LLP has not made clear under the Taxation laws. Admission as partner / member A person can be admitted as a partner as per the partnership AgreementA person can be admitted as a partner as per the LLP Agreement Statutory MeetingsThere is no provision in regard to holding of any meeting There is no provision in regard to holding of any meeting. Maintenance of Statutory RecordsRequired to maintain books of accounts as Tax lawsRequired to maintain books of accounts.