Hi Guys,
If BOI is a group of Individuals join together to form a venture for an income or not to earn Income, then What is the difference between Partnership firm and Body of Individuals?
Boi and partnership
Replies (1)
A BOI Body of Individuals is a creation of law. Whereas a partnership or AOP is a creation by voluntary act of the persons desiring to come together to do business or any other activity. For Eg. A person dies leaving a will directing that his sole properitory business should be carried on by his 3 sons and the profits to be distirbuted among all his hiers in a particular way. If the 3 sons continue this business without resorting to any other mode of organisation ( partnership etc. ) then this is called a Body of Individuals in Income tax law. Also in a BOI the members - as the name suggests - can be individuals only. But in AOP or partnership, the members can be of any type.
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