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Firm and LLP

Bhavesh (Accounts) (87 Points)

27 July 2021  
what is difference between Firm and LLP I.e its rights, obligations etc. please state point wise.

 2 Replies

Hari Beldona (ACA) (1517 Points)
Replied 27 July 2021

Features of Partnership Firm – Number of Members, Existence of Business, Contractual Relationship, Legal Business, Agency Relationship, Unlimited Liability and a Few Others. 1. Number of Members / Two or More Persons: ... A banking firm can have maximum ten partners where as other firms can have maximum twenty partners.

Nidhi (Chief Accountant) (2060 Points)
Replied 31 July 2021

You can read article on Google for same

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