Question

Meaning simple meaning of a partnership firm and joint stock company and body of

Answer 1

Partnership firm is formed by persons who wants to do business under the same name and called as partners. Partnership can be unregistered.

Joint stock company( this word is not used much in this time, we can simply say company) is totally different from partnership as it is required to be registered under company law and use suffix as Limited or Private Limited. Here owners( shareholders) are not directly engaged in day to day business.