Four differences between limited liability company and partnership?

Four differences between limited liability company and partnership?
1.In a Limited Liability Company the liability of the Directors is limited to the extent of in the value of the shares held by them in the company.In a Partnership firm the liability of the partners is in proportion to their profit sharing ratio.


2.The directors in a Limited Liability Company may or may not be shareholders in the company.They could be executive directors on salary.
The partners in a partnership firm are the co owners of the company in proportion of capital employed individually.


3.The directors in a Limited Liability company earns salary.They are not liable individually in case of losses in the company.
In a Partnership Firm the Partners earns salary (remuneration), Interst on capital employed in the business and a share of profit.


4.The terms and conditions and the the nature of business to be done by a Limited liability company is covered in the Memorandum and Articles of association.
The same is covered by a Partnership deed in a partnership firm. The Profit and loss sharing ratio,remuneration to be paid and interest to be paid to partners is mentioned explicitly in the deed.