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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Difference between a Partnership and a Company – Explained

Difference between a Partnership and a Company – Explained


How is the definition of a Partnership firm different from that of a company with regard to continuity? A partnership concern is dissolved on the retirement, insolvency, death of a partner, while in a company, the continuity of a company is not affected by the death or insolvency of a member. The members may go on changing but the company will not be affected. Hence, by definition, a partnership has a limited existence while a company is created to last forever. A partnership automatically terminates unless re-constituted when a member dies, retires or becomes bankrupt. A company, unless it is wound up, never goes out of existence. You can now get your own fully customized Partnership Agreement, also called Partnership Deed online at www.vakilsearch.com To speak to a Legal Expert, call (0) 984 184 9106 in case of any questions.

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