30 June 2013
Firm is a business undertaken by minimum 2 persons with a lawful objective, the maximum number of partners (members) are limited (in UK its 20 persons) in India check partnership act (excluding HUF i.e. Hindu Undivided family). the firm is registered under the partnership act.
the company is a legal entity registered under the companies act and have following forms:
1. Company Limited by shares 1.a. Private company (maximum members are 50 as per UK law in india plz refer to companies act)
1.b. Public company there is no limitation on number of members of the company. it further has 2 types 1. listed company and 2. unlisted company
2. Company limited by guarantee
3. Single Member Company.
Hoping it will suffice your concerns and if you feel further detail please write in your comments.
CAclubindia
