What is the difference between a company and a firm?

what is difference between company and firm

Answers (1)

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A partnership firm is established under the rules of Partnership Act, 1932. A company, on the other hand, is established under the rules of Company Act, 2013.

A partnership firm may or may not be registered. However, a company has to be registered mandatorily and a certificate of commencement of business after the incorporation of the company.

In firm all the Partners are jointly liable where as the company this may not be the case as the company is a separate legal entity capable of being sued and sue.

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