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No.
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Company
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Partnership Firm
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1
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A company is created by registration under the Companies Act.
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A partnership firm is created by written or oral Idea express or implied agreement.
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2
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Registration of a company is essential.
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Registration of a partnership firm is not always essential.
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3
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In the eyes of law, a company is regarded as a legal person.
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A partnership firm is not treated as a juristic person. A partnership firm is merely an association of person for carrying on partnership business.
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4
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Under the Companies Act, Liability of the members of a company is limited to the extent of the share amount held by them.
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In the partnership firm, the liability of each partner is unlimited.
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5
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In case of a company, no maximum number of members is fixed.
In a private company a minimum of two members and in the case of public company minimum seven members is required.
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The partnership firm cannot have more than 20 partners/members. In the case of partnership firm carrying on banking business the membership of set form should be confined to 10 only.
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6
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A Company's shareholder Can transfer his shares freely without the consent of the other shareholders of the company.
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In case of partnership firm, the partner of a firm cannot transfer his interest without the consent of other partners.
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7
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A company has Limited power subject to object clause of memorandum of association.
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In the partnership firm partners can do anything which they agree to do.
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8
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A company can be wounded-up only by the order of the court, or by being dissolved in a legal manner or by its name being struck off by the registrar.
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In case of partnership firm, it can be dissolved at any time by an agreement between the partners.
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Difference / Distinction Between Company and Partnership Firm (Company Law)
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