R.R. KRISHNAA (Legal Manager) 08 September 2009
Unlike a company registered under the Companies Act, Partnership firm is not a distinct legal entity and is only a compendium of its partners-----Even registration of a firm does not convert it into a distinct legal entity like a company-----Partners of a firm are like co-owners of the property of the firm, unlike shareholders in a company who are not co-owners of the property of the company.
Refer Case Law: V. Subramaniam Vs Rajesh Raghuvandra Rao (2009) 5 SCC 608-C
R.R. KRISHNAA (Legal Manager) 08 September 2009
Unlike a company registered under the Companies Act, Partnership firm is not a distinct legal entity and is only a compendium of its partners-----Even registration of a firm does not convert it into a distinct legal entity like a company-----Partners of a firm are like co-owners of the property of the firm, unlike shareholders in a company who are not co-owners of the property of the company.
Refer Case Law: V. Subramaniam Vs Rajesh Raghuvandra Rao (2009) 5 SCC 608-C
Manish Singh (Advocate) 08 September 2009
bt why an exemption is given to section 25 companies..?
CA CS CIMA Adv Dip MA Prakash (CA CS CIMA) 08 September 2009
By lloking at the nature of companies unde sec 25 yu can easily makes the diff that they are mainly for a cause which is not profit making.
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