05 September 2009
A firm is governed by the Partnersip Act whereas a Pvt Ltd Company is goverened by the Companies Act.A new concept of LImited Partnership has been notified and under this the advantages of a frim and pvt ltd co are combined. This is adminstered by the ROC and is catching up fast The main disadvantage in a firm is of unlimited liability of the partner which is removed in the limited partnership provisions.In a firm any act by a partner will affect all partners, this is also taken care of in the new avatar of LLP
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