difference between firm and company

SANJAY (Querist) 10 February 2011 This query is : Resolved
Firm is goverened by the rules of Partnership Act, 1932 where as the company is governed by the rules of Company Act,1956
In firm all the Partners are jointly liable where as the company there is no such case
As regards the legal obligation the company has more to cpmply with where as the firm has less to comply with.
In firm once registered with the Registrar of firms is sufficient where as the company has to obtain the certificate of commencement of business after the registration of company

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