Distinctions Between a Company and a Partnership

A company acts as a distinct legal person, separate from its members. In contrast, a partnership does not have a separate legal identity from its partners.

2. Property Ownership: Company Property vs. Partnership Property

In a partnership, the property belongs to the individual partners. However, in a company, the property belongs to the company itself, not to its shareholders.

3. Mode of Creation: How Companies and Partnerships Form

A company comes into existence only after registration under the Companies Act, 1956. On the other hand, a partnership does not require registration to be formed.

4. Agency Relationships: Partners as Agents vs. Company Members

Partners serve as agents of the partnership, while members of a company do not act as agents for the company.

5. Contracts: Partner Agreements vs. Company Contracts

A partner cannot enter into a contract with the partnership firm itself. Conversely, a member of a company can contract with the company.

6. Transferability of Shares: Company Shares vs. Partnership Interests

A partner cannot transfer their share and make the transferee a partner without the consent of other partners. In contrast, shares in a company can transfer easily unless restricted by the Articles of Association.

7. Liability: Unlimited Liability in Partnerships vs. Limited Liability in Companies

Partners generally have unlimited liability, while shareholders enjoy limited liability, either by shares or guarantees. However, the Limited Liability Partnership Act allows for limited liability in partnerships.

8. Perpetual Succession: Company Longevity vs. Partnership Dissolution

The death or insolvency of a shareholder does not impact the company’s existence. In contrast, the death or insolvency of a partner typically leads to the dissolution of the partnership unless otherwise agreed.

9. Audit Requirements: Company Audits vs. Partnership Audits

Companies must have their accounts audited annually by a chartered accountant. In partnerships, auditing occurs at the discretion of the partners, although firms must conduct a tax audit if their turnover exceeds ₹1 crore.

10. Number of Members: Company and Partnership Membership

A partnership requires a minimum of 2 partners and a maximum of 20 (10 for banking). For a private company, the minimum is 2 and the maximum is 50. Public companies require at least 7 members, with no upper limit. As per the Companies Act 2013, one person can now also form a company.

11. Dissolution: Ending a Company vs. Ending a Partnership

A company can only dissolve according to legal procedures, while partners can dissolve a partnership at any time through mutual agreement.


Company Law Notes: Incorporation, Capital, Directors, and More

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NITI Aayog Internship 2024 [Oct; 6 Weeks; Unpaid]: Apply by Oct 10

Overview of NITI Aayog

NITI Aayog serves as the premier public policy think tank of the Government of India, aiming to promote economic growth and strengthen cooperative federalism. With the Prime Minister as its Chairperson, NITI Aayog is led by Vice Chairperson Suman Bery, alongside ex-officio members such as Amit Shah, Rajnath Singh, Nirmala Sitharaman, and Narendra Singh Tomar.

About the NITI Aayog Internship

The NITI Aayog Internship Scheme 2024 invites applications from undergraduate and postgraduate students, as well as research scholars enrolled in recognized institutions both in India and abroad. Through this internship, selected candidates will have the opportunity to collaborate with various verticals, divisions, and cells within NITI Aayog. Interested applicants can submit their applications by filling out an online registration form.

Purpose and Objectives

The primary purpose of this internship is to provide selected candidates with short-term exposure to the workings of different divisions and units within NITI Aayog. Moreover, the internship aims to engage young academic talents with NITI Aayog’s initiatives, allowing them to gain insights into government processes and policy formulation. Interns will have the chance to contribute by generating reports, policy papers, and empirical analyses.

Mode of Internship

The internship will be conducted on-site in New Delhi.

Eligibility Criteria

Candidates interested in applying must meet the following eligibility requirements:

  1. Undergraduate Students: Those who have completed the second year or 4th semester of their bachelor’s degree with at least 85% marks in their 12th-grade exams.
  2. Graduate Students: Candidates who have completed the first year or 2nd semester of their postgraduate program, or those pursuing research/PhD, with at least 70% in their graduation.
  3. Recent Graduates: Students who have recently completed their graduation/post-graduation and are awaiting admission to higher studies may also apply if they have secured 70% or more cumulative marks across all years/semesters.

It is essential that the gap between the announcement of the final examination result and the internship’s start date does not exceed six months.

Application Process

Interested candidates can apply through the link provided at the end of this post.

Duration and Location

  • Location: New Delhi
  • Duration: The internship lasts a minimum of six weeks and can extend up to six months. Please note that interns who do not complete the full term will not receive a certificate.

Important Dates

Application Deadline: October 10, 2024.

Contact Information
For technical issues related to online submissions, applicants can reach NIC at nic-niti@gov.in.

Click Here to Apply


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