- A partnership is the relation which subsist between persons carrying on a business in common with a view of profit.
- It may be general or limited.
- It is an unincorporated association.
- Consists of 2-20 members.
- Liability of members is generally unlimited
- It is a contract of the utmost good faith.
- Property is jointly owned the partners.
- Every partner is an agent of every other and the firm
- A partnership is a profit motivated concern
- The firm name is registrable under the provisions of the Registration of Business Names Act
- This is a body corporate incorporated under the Companies Act and may be public or private.
- All companies are legal entities or incorporated.
- Liability of members is limited shares or guarantee.
- It has perpetual succession
- Has capacity to sue or be sued.
- Has capacity to contract and own property.
- A private company consists of 2-50 excluding employees who are members.
- A public must have a minimum of 7 members but has no maximum.
- Companies are subject to the doctrine of Ultra vires.
- A company must have directors, at least one for a private company and at least two for a public company.
- All companies are incorporated registration in accordance with the provisions of the Companies Act.
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