Sr.
No.
|
Basis of Difference
|
Partnership Firm
|
Joint Stock Company
|
1.
|
Meaning
|
In this form of business organization
two or more persons come together to undertake a business activity and share
profits.
|
It is voluntary association of
individuals for profit having capital divided into transferable shares, the
ownership which is the condition of membership.
|
2.
|
Membership
|
There can be a minimum of 2 partners
and a maximum of 10 partners in banking business and 20 in non-banking
business.
|
The minimum of number of members are 2
in private limited company and a maximum of 50. In a public limited company,
minimum number of members is 7 and there is no maximum limit.
|
3.
|
Formation
|
The formation is comparatively simple
and less costly. Only a partnership deed is required to be prepared.
|
The formation involves many
complicated legal formalities. Therefore it is tedious, costly legal
formalities. Therefore it is a time consuming.
|
4.
|
Liability
|
The liability of partners is unlimited.
It is joint as well as several (quit
a few).
|
The liability of every shareholder is
limited to the extent of the unpaid amount on shares held by him.
|
5.
|
Act
|
Partnership is controlled under Indian
Partnership Act, 1932.
|
Joint stock company is controlled
under the Indian companies Act, 1956.
|
6.
|
Registration
|
Registration of partnership firm is
optional. (except in Maharashtra)
|
Registration of Joint Stock Company is
Compulsory under India companies Act, 1956.
|
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