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Diff. between Partnership Firm, AOP and BOI.

CA PRAMESH AGARWAL (Profession) (152 Points)

10 August 2009

What is the basic difference between Partnership Firm, AOP and BOI.

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5 Replies

VARUN (PCC STUDENT) (523 Points)
Replied 10 August 2009

when two or more persons entered into an business and they dont knw that wat type of business they are doing , i.e. , whether they are engaged in company, partnership firm,, then this is known as BODY OF INDIVIDUALS.

if in the above case, person and company engaged in a business and they dont knw wat type of business they are doing then this is known as ASSOCIATION OF PERSONS.

and if two or more persons are registered as a partners of a firm, then this is known as PARTNERSHIP FIRM.

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NEEL.. (ca final, gr-1 cleard) (275 Points)
Replied 11 August 2009

Originally posted by :VARUN
"	when two or more persons entered into an business and they dont knw that wat type of business they are doing , i.e. , whether they are engaged in company, partnership firm,, then this is known as BODY OF INDIVIDUALS. if in the above case, person and company engaged in a business and they dont knw wat type of business they are doing then this is known as ASSOCIATION OF PERSONS. and if two or more persons are registered as a partners of a firm, then this is known as PARTNERSHIP FIRM.	"

manoj (student) (21 Points)
Replied 22 June 2016

AOP have features as follows :

There should be joint enterprise,Joint act of management, Common design for making profits,Income generating activity

It can comprises of more than 20 as members of AOP bt Firm should nt have more than 20 as per companies act otherwise would amount to illegal association.

A partnership firm have minor admitted for profit or loss as per agreed ratio then shall be AOP nt firm

If two persons carrying business with out standard PSR & Registered Deed then also it is AOP

There are three persons 1) XYZ firm 2) Ind 3) BG company carrying business activities jointly then income shall be assessed to tax jointly under AOP

Above information is taken from relevant case laws

Manish Dev (CA) (59 Points)
Replied 04 June 2018

Could you please let us know the Aact applicable for registration of Body of Individual? whether it required to be registerd with any registrar? How many meber required for registartion of BOI?