Differences Between Company Ans Partnership Flashcards
1
Q
Company How is one created? Is it a separate legal person or not? Are shares transferable? What kind of charges can it create? Who is it managed by? Who is liable for the debts? What is on public record? What tax is paid by who? How do they dissolve?
A
Registration with written constitution Separate Yes Fixed and floating Directors (may be shareholders) The company Financial affairs and ownership Corporate tax by co’s Formal dissolution procedure
2
Q
Partnership How is it created? Is it a separate legal person? Are shares transferable? What’s charges can they create? Who is it managed by? Who is liable? What is there public record of? Who pays what tax? How do they dissolve?
A
No formality No No Fixed Partners who are owners Partners No public disclosure of results Partners pay income tax By agreement
