Basically both Limited Liability Partnership and Partnership firm are similar with few differences in terms of liability and organizational structure. The liability in partnership firm is unlimited and in LLP it is limited and Partnership firm is govern by Partnership Act and LLP is govern by LLP ACT. There are some reasons due to which some are converting their LLP into Partnership firm which are as under
To avoid annual filing with MCA and hefty penalties due to non-compliance
To avoid the burden of compliance
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