Tax Consultation (US and India)
2348 Points
Posted on 16 August 2015
Body of individuals, as the name sugges is the entity wherein only individuals (human beings) can be members
Association of person , can be an association of various persons (person here include all persons including company ) Joint venture of various co
Even co before its registeration is association of person
Partnership firm is basically more structured and has specific provisions under income tax act
As per S. 4 of the Indian Partnership Act 1932
"Partnership" is the relation between persons who have agreed to share the profits of business carried on by all or any of them acting for all.
Persons who have entered into partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name".