1. Subject: Company Law
Standard: LL.B second year
Topic: Comparison of Company with Partnership
MUNIR HUSSAIN KTK
Lecturer
UNIVERSITY LAW COLLEGE
QUETTA
www.facebook.com/pages/Corridor-to-Commercial-Law
Objectives
To Learn
1. Point of differences
Between
Company and partnership
Definition of partnership. Partnership is a relation
between person who have agreed to share the profits of a
business carried on by all or any of them acting for all.
Individually called is a Partner and
Collectively called is a Firm and
The name under which their business is carried on is
called the Firm Name.
Definition of company.
Any association or partnership Which Is Formed and Registered under This Ordinance” or in
Existing Companies.
The Companies which are registered under Any Previous Act
The Indian Companies Act 1866. The Indian Companies Act 1882.The Indian Companies Act 1913
On The Basis Of
a. Legal Entity (No)
b. Liability (Unlimited)
c. Power (Partnership deed)
d. Property (Belong to partners)
e. Liability to Creditors
(Partners)Personally and jointly)
f. Documents(Partnership Deed)
g. Account and Audit (Relaxed)
h. Agency (Exist)
i. Dissolution (Direct)
j. Perpetual Succession (No)
k. Contract (Partner cannot make
with firm because both are the
same)
l. Authority (Partnership deed)
m. Transfer of Share (No but with
the mutual consent of all)
n. Number of member (Min 02
Mix20)
o. Management (Partners)
p. Representation (No)
q. Regulation(Partnership Act 1932)
r. Membership (with the consent of all)
s. Tax (Single)
t. Paper work (Less paperwork is
required to form it)
u. Legal status (Not a legal person)
v. Internal working (By laws)
w. Meeting (Not prescribed)
x. Number of directors (Partner)
y. Listing on stock exchange (No)
z. Artificial person (No)
aa. Registration (Optional)
On The Basis Of
Legal Entity (yes)
Liability (Limited)
Power (Memorandum and article)
Property (Belongs to company)
Liability to Creditors (Company)
Documents (MOA)
Account and Audit (Mandatory)
Agency (Not exist)
Dissolution (First winding up)
Perpetual Succession (Yes)
Contract (yes director can make with
company)
Authority (MOA)
Transfer of Share (yes)
Number of member (even 01 mix
50 or unlimited)
Management (Board of directors)
Regulation (Companies ordinance
1984)
Membership (Consent of other is not
required)
Tax (Double taxation)
Paper work (More paperwork is req)
Legal status (Legal person after
registration)
Internal working (Article of association)
Meeting (Mandatory)
Number of directors (Required
according to the nature of company)
Listing on stock exchange (Yes)
Artificial person (Yes)
Registration (Mandatory)
Distinct personality .
Partnership Company
