Difference b/w partnership & public company
Sr. # POINTS PARTNERSHIP COMPANY
1 Formation Ease Difficult
2 Number of Members 2 to 20 7 to max
3 Expansion Less chances More chances
4 Liabilities Unlimited Limited
5 Management Less Efficient More Efficient
6 Life Short Long
7 Legal Entity No Yes
8 Transferability of shares Difficult Ease
9 Nature of the Business Simple Complicated
10 Capital Limited Unlimited
11 Books of Accounts Improper Proper
12 Audit of Accounts No need Compulsory
13 Submission of Reports Occasionally Compulsory
14 Publication of Reports No need Compulsory
15 Profit and Loss Dependent on agreement Dependent on ownership
16 Meetings No legal Legal
17 Issues of Securities No Yes
18 Business Secrecy Yes No
19 Public Confidence Less More
20 Membership Difficult Ease
21 Mutual Relationship Yes No
22 Rules and Regulations Under act 1932 Under companies ordinance 1984
23 Powers Yes No
24 Dissolution Ease Difficult