Distinction between Partnership and a Limited company

Partnership

 

Limited company

  • 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.

CPA Revision kits and past papers with answers

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