Because you are a business and looking for a new start, then you will be glad to know that registering LLP is easy and smooth. The requirements for LLP registration are fundamental and easy to understand. The basic requirement is 2 partners, out of which one must be a resident of India. The registered office should be within the territory of India.

There are no minimum capital necessities in LLP. You can start your business even with Rs.5000 capital. This is because people usually face the capital crisis in the commencement. Further, the cost of registering the LLP is also quite less.

Once you have registered an LLP there are not many compliances you need to follow. For new businesses, it is the perfect start. Need not to worry about the general meeting, annual general meeting, board meetings etc. So you can conduct your business calmly exclusive of many formalities.
Correspondingly, the partners can come to a decision and organize their internal management mutually which will be in the LLP agreement. Only two forms are required to be filed annually, i.e. Form 8 and Form 11.

All the companies, whether private or public, irrespective of their share capital, are required to get their accounts audited. But in case of LLP, there is no such mandatory requirement. As per the provisions of LLP act, accounts to be audited annually except for LLPs having a turnover less than Rs. 40 lacs or Rs. 25 lacs contribution in any financial year.

LLP is the easiest form of business as there are not many obligations on the partners and all the duties and responsibilities of partners are mentioned in the partnership deed. It is easy to function and conduct.
In private limited company, you entail board resolutions to be passed for taking any verdict; though, no such obligation is there in LLP, though the decision is still taken by the majority or in consonance with the LLP agreement.

A shareholder of a private limited company typically must seek the approval of the company’s directors before selling or transferring his shares to a new owner, or offer them to existing shareholders.

Since private limited companies have a separate legal identity from their owners, they must comply with more legal requirements than sole proprietorships and partnerships. For instance, private limited companies must submit annual financial accounts to the Companies House at the end of each financial year and report a number of changes, including appointment of a tax professional, to HM Revenue and Customs.

As a legal obligation, private limited companies must appoint at least one director, who also may be a shareholder. In many cases, they also hire a company secretary, and other professionals like accountants to ensure accurate reporting and avoid late filing penalties. Since this can increase the general and administrative expenses of a business, it costs more to set up and run a private limited company than it is to be a sole trader.