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Differentiate between partnership firm and joint stock company

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The company form of business organization enjoys a number of benefits over the partnership. This is due to the fact that, in a partnership firm, there must be at least two persons, mutually agree to run the business and share the profits or losses in a manner prescribed in the agreement. The maximum number of partners a partnership firm could have is only This gave rise to the evolution of Company, in which there can be any number of members.

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Difference Between Partnership Firm and Company

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In this form of business organization two or more persons come together to undertake a business activity and share profits. It is voluntary association of individuals for profit having capital divided into transferable shares, the ownership which is the condition of membership. There can be a minimum of 2 partners and a maximum of 10 partners in banking business and 20 in non-banking business. The minimum of number of members are 2 in private limited company and a maximum of In a public limited company, minimum number of members is 7 and there is no maximum limit.

The formation is comparatively simple and less costly. Only a partnership deed is required to be prepared. The formation involves many complicated legal formalities. Therefore it is tedious, costly legal formalities. Therefore it is a time consuming. The liability of every shareholder is limited to the extent of the unpaid amount on shares held by him. Question Papers. Question Papers Textbook Solutions Important Solutions Question Bank Solutions Time Tables Share 0.

Select a course. My Profile. My Profile [view full profile]. Inform you about time table of exam. Inform you about new question papers. New video tutorials information. Prev Next. Solution Show Solution Sr. Meaning In this form of business organization two or more persons come together to undertake a business activity and share profits. Membership There can be a minimum of 2 partners and a maximum of 10 partners in banking business and 20 in non-banking business.

Formation The formation is comparatively simple and less costly. It is joint as well as several quit a few. Act Partnership is controlled under Indian Partnership Act, Joint stock company is controlled under the Indian companies Act, Registration Registration of partnership firm is optional.

The liability of partners is unlimited.

Distinguish Between Partnership Firm Joint Stock Company - Organisation of Commerce and Management

In this form of business organization two or more persons come together to undertake a business activity and share profits. It is voluntary association of individuals for profit having capital divided into transferable shares, the ownership which is the condition of membership. There can be a minimum of 2 partners and a maximum of 10 partners in banking business and 20 in non-banking business. The minimum of number of members are 2 in private limited company and a maximum of In a public limited company, minimum number of members is 7 and there is no maximum limit.

The following are some of the differences between a Partnership firm and Joint Stock Company. Minimum number of members is two in a Partnership firm.

We can distinguish between partnership and joint stock company by the following ways : 1. Formation :- Partnership : It is formed by a written agreement. Joint stock company : It is formed under the company ordinance. Members :- Partnership : Minimum 2 and maximum 20 members in the partnership.

Distinguish Between – Partnership Firm and Joint Stock Company

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Differences between Partnership Firm and Joint Stock Company

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A partnership firm has no separate legal entity distinct from the members composing it. A company, on the other hand, is a separate legal entity different from its.

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Comments: 3
  1. Faegami

    Between us speaking, in my opinion, it is obvious. I recommend to look for the answer to your question in google.com

  2. JoJozil

    Excuse for that I interfere … I understand this question. I invite to discussion.

  3. Tugore

    It is remarkable, very valuable idea

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