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Differentiate between company and firm.
The major differences between company and firm are as follows −
Company
Registration is mandatory to establish as a company.
They have legal entity and can be sue/sued under its name.
It requires minimum capital of 1 lakh for private company and 5 lakhs for public limited.
It is certificate of incorporation and commencement.
Maximum number of members for a private company are 200 and for a public company the maximum number of members are unlimited.
There will be legal formalities when a company decides to wind up/dissolve.
For a company management of concern are its Directors.
There is a perpetual succession.
Firm
There is no mandatory registration is required for a firm.
There is no separate legal entity and can’t enter into contracts with their own name.
No minimum capital requirement is required.
Partnership deed in case of partnership firm or LLP.
Maximum number members for a firm are 100.
No legal formalities required when a firm decides to dissolve/wind up.
For a firm management of concern are its partners.
There is no perpetual succession.
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