What is the difference between a Proprietor firm, a
Partnership firm & a limited company
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Answer Posted / rahul
A Proprietor firm is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
A partnership firm is an arrangement where individuals agree to cooperate to advance their interest. All the partners share profits or losses in their respective share in the business.
A limited company is a company in which the liability of the members of the company is limited to what they have invested or guaranteed to the company. Who may become a member of a private limited company is restricted by law and by the company's rules.
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