distinguish between firm and company
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Definition. A firm refers to a business involved in the selling of services and products for profit, usually professional services. On the other hand, a company refers to a business involved in any income-generating activity involving the sale of goods and services and includes all business trades and structures.
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Company:
Once registered, a company becomes a separate legal entity and can sue and can be sued under its own name
firm:
A firm is not a separate legal entity, and it cannot enter into contracts with third parties under its name.
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