Distinguish between the Partnership firm and Joint Stock company.
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Differences between partnership and joint stock company are as follows :
Partnership: A written agreement forms it: minimum 2 and maximum of 20 members in the partnership firm. A partner's liability is unlimited and is to be specified.
Joint stock company: f1.Formed under the company ordinance.
2. It consists of many shareholders.
3. Shareholders' liability is only to the value of the shares.
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