Question

a
3. Distinguish between a company and
partnership.​

Answer 1

The members of the partnership firm are called partners whereas the members of company are called shareholders. Partnership firm is created by contract between two or more persons whereas company is created by law i.e registration.

Answer 2

A company is a body corporate and a legal person having a corporate personality distinct from its members. The members are not liable for the acts of the company. But a partnership has no legal existence distinct from its members. Partners are liable for the acts of the firm.



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