| Heading | Private Company | Public Company | One Person Company | Limited Liability Partnership | |
|---|---|---|---|---|---|
| Applicable Act | Companies Act, 2013 | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | |
| Private Company is governed by the provisions of the Companies Act, 2013 read with the allied Rules | Public Company is governed by the provisions of the Companies Act, 2013 read with the allied Rules | One Person Company is governed by the provisions of the Companies Act, 2013 read with the allied Rules | LLP is governed by the provisions of the Limited Liability Partnership Act, 2008 read with the allied Rules | ||
| Separate Legal Entity | Yes | Yes | Yes | Yes | |
| Private Company is a separate legal entity distinct from its Members/ Directors | Public Company is a separate legal entity distinct from its Members/ Directors | One Person Company is a separate legal entity distinct from its Members/ Directors | LLP is a separate legal entity distinct from its Partners / designated Partners | ||
| Member(s) Liability | Limited | Limited | Limited | Limited | |
| Liability of Members is limited to the amount unpaid on the shares held by them | Liability of Members is limited to the amount unpaid on the shares held by them | Liability of Sole Member is limited to the amount unpaid on the shares held by him | Liability of partners is limited to the amount of capital contributed by them | ||
| No. of Director/ Partner | 2-15 (Director) | 3-15 (Director) | 1-15 (Director) | 2 - Unlimited (Designated Partner) | |
| In case of Private Company, minimum number of directors required is two (2) and the maximum number of directors can be fifteen (15). In case the company wants to increase the number of directors beyond fifteen then it shall seek approval of members by way of special resolution | In case of Public Company, minimum number of directors required is three (3) and the maximum number of directors can be fifteen (15). In case the company wants to increase the number of directors beyond fifteen then it shall seek approval of members by way of special resolution | In case of One Person Company, minimum number of directors required is One (1) and the maximum number of directors can be fifteen (15). In case the company wants to increase the number of directors beyond fifteen then it shall seek approval of members by way of special resolution | Every LLP shall have at least two (2) Designated Partners while there is no limit on the maximum number of Designated Partners that a LLP can have | ||
| No. of Members/ Partner | 2 - 200 (Members) | 7 - Unlimited (Members) | 1 (Member) | 2 - Unlimited (Partners / Designated Partners) | |
| In case of Private Company, minimum number of members shall be two (2) and the maximum number of members can be two hundred (200) | In case of Public Company, minimum number of members shall be Seven (7) and there is no limit on the maximum number of members | One Person Company shall have only one (1) member | Every LLP shall have at least two (2) Designated Partners while there is no limit on the maximum number of Designated Partners that a LLP can have | ||
| Resident Director/ Partner | 1 | 1 | 1 | 1 | |
| Every private company shall have at least one resident director | Every public company shall have at least one resident director | Every one person company shall have at least one resident director | Every LLP shall have at least one resident Designated Partner | ||
| Foreign Direct Investment (FDI) | Allowed | Allowed | Not Allowed | Allowed | |
| FDI is allowed in a private company | FDI is allowed in a public company | FDI is not allowed in one person company | FDI is allowed in LLP | ||
| Transferability of Control | Transferable | Transferable s | Transferable | Transferable | |
| In case of private company, control is exercised by the members by virtue of holding share capital of the company which is freely transferable | In case of public company, control is exercised by the members by virtue of holding share capital of the company which is freely transferable | In case of One Person Company, sole member can transfer control by virtue of transfer of shares held by him in whole. Transfer of shares in part is not allowed in case of One Person Company | In case of LLP, a partner can transfer his interest/ control in LLP to another person with the consent of other partners | ||
| Taxation | Moderate | Moderate | Moderate | High | |
| "IncomeTax Rate is 25%, If total turnover or gross receipts does not exceed Rs.400Cr. in PY(2017-18) In case of other domestic Co., tax rate is 30%. Where company opted for Section-115BA*-25%; section-115BAA*-22%; Section-115BAB*-15% Surcharge Rate is 7% if total income exceeding 1Cr. but doest not exceed 10Cr otherwise 12% Health & Education Cess: 4% on Income Tax and Surcharge *Irrespective of turnover limit" | "IncomeTax Rate is 25%, If total turnover or gross receipts does not exceed Rs.400Cr. in PY(2017-18) In case of other domestic Co., tax rate is 30%. Where company opted for Section-115BA*-25%; section-115BAA*-22%; Section-115BAB*-15% Surcharge Rate is 7% if total income exceeding 1Cr. but doest not exceed 10Cr otherwise 12% Health & Education Cess: 4% on Income Tax and Surcharge *Irrespective of turnover limit" | "IncomeTax Rate is 25%, If total turnover or gross receipts does not exceed Rs.400Cr. in PY(2017-18) In case of other domestic Co., tax rate is 30%. Where company opted for Section-115BA*-25%; section-115BAA*-22%; Section-115BAB*-15% Surcharge Rate is 7% if total income exceeding 1Cr. but doest not exceed 10Cr otherwise 12% Health & Education Cess: 4% on Income Tax and Surcharge *Irrespective of turnover limit" | "IncomeTax Rate is flat 30% Surcharge Rate is 7% if total income exceeding 1Cr. but doest not exceed 10Cr otherwise 12% Health & Education Cess: 4% on Income Tax and Surcharge " | ||
| Meeting of Members/ Partners | Mandatory | Mandatory | Mandatory | Not Mandatory | |
| In addition to any other meeting, every private company shall conduct an Annual General Meeting each year | In addition to any other meeting, every public company shall conduct an Annual General Meeting each year | In addition to any other meeting, every one person company shall conduct an Annual General Meeting each year | There is no requirement under the LLP Act, 2008 related to meeting of Partners | ||
| Meeting of Directors/ Partners | Mandatory | Mandatory | Mandatory | Not Mandatorys | |
| Minimum four Board Meetings shall be conducted every calendar year in such a manner that not more than 120 days shall intervene between two consecutive meetings of the Board | Minimum four Board Meetings shall be conducted every calendar year in such a manner that not more than 120 days shall intervene between two consecutive meetings of the Board | At least one Board Meeting shall be conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days | There is no requirement under the LLP Act, 2008 related to meeting of Partners | ||
| Statutory Audit | Mandatory | Mandatory | Mandatory | Not Mandatory unless turnover/ contribution exceeds a specified limit | |
| It is mandatory for every private company | It is mandatory for every public company | It is mandatory for every one person company | Statutory audit is not applicable on LLP if turnover does not exceeds 4 Million INR or contribution does not exceed 2.50 Million INR | ||
| Tax Audit | Mandatory subject to compliance of certain condition | Mandatory subject to compliance of certain condition | Mandatory subject to compliance of certain condition | Mandatory subject to compliance of certain condition | |
| "Company is required to submit tax audit report under section-44AB by september 30. Company who furnishes report under Section 92E, tax audit report under section-44AB by November 30" | "Company is required to submit tax audit report under section-44AB by september 30. Company who furnishes report under Section 92E, tax audit report under section-44AB by November 30" | "Company is required to submit tax audit report under section-44AB by september 30. Company who furnishes report under Section 92E, tax audit report under section-44AB by November 30" | "LLP is required to submit tax audit report under section-44AB by september 30. LLP who furnishes report under Section 92E, tax audit report under section-44AB by November 30" | ||
| Filings with the Registrar of Companies | Mandatory | Mandatory | Mandatory | Mandatory | |
| Every private company is required to file its financial statement with the Registrar of Companies within 30 days of its Annual General Meeting (AGM) and Annual Return within 60 days of AGM | Every public company is required to file its financial statement with the Registrar of Companies within 30 days of its Annual General Meeting (AGM) and Annual Return within 60 days of AGM | Every one person company is required to file its financial statement with the Registrar of Companies within 30 days of its Annual General Meeting (AGM) and Annual Return within 60 days of AGM | In case of LLP, annual return is required to be filed with the Registrar of Companies within 60 days from closure of financial year and statement of insolvency within 30 days from the end of 6 months from the closure of Finanacial year | ||
| Statutory Compliances | High | High | Moderate | Moderate | |
| Statutory compliances applicable on a private company is quite high | Statutory compliances applicable on a public company is quite high | Statutory compliances applicable on a one person company is relatively moderate as compared to a public and private company | Statutory compliances applicable on LLP is relatively less as compared to a company |
