Firm and LLP
Bhavesh (Accounts) (158 Points)
27 July 2021
what is difference between Firm and LLP I.e its rights, obligations etc. please state point wise.
2 Replies
Hari Beldona
(ACA)
(1533 Points)
Replied 27 July 2021
Features of Partnership Firm – Number of Members, Existence of Business, Contractual Relationship, Legal Business, Agency Relationship, Unlimited Liability and a Few Others. 1. Number of Members / Two or More Persons: ... A banking firm can have maximum ten partners where as other firms can have maximum twenty partners.
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