A O P & Partnership firm
This query is : Resolved
06 September 2010
What is the difference between AOP and Partnership firm ?
06 September 2010
An association of persons, or a body of individuals or a local authority, or an artificial juridical person, shall be deemed to be a person whether or not such person or body or authority or juridical person was formed or established or incorporated with the object of deriving income, or profits, or gains.An “association of persons” (AOP) may have as its members, companies, firms, joint families and associations.The companies entering into a joint venture can also be an assessable unit as an AOP.
A firm is strictly not a person; It is an association of persons and the agreement by which a firm purports to enter into a partnership with an individual or another firm merely makes the partners of that firm individual partners of the larger partnership. A firm as such cannot enter into an agreement as a partner with another firm or individuals
A firm is strictly not a person; It is an association of persons and the agreement by which a firm purports to enter into a partnership with an individual or another firm merely makes the partners of that firm individual partners of the larger partnership. A firm as such cannot enter into an agreement as a partner with another firm or individuals
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