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'Firm' or 'Company' ?

vaadhoo
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I think there is a small difference in meanings of 'Firm' and 'Company'. I cannot tell the difference. Can anyone tell the difference? I am sure they are not same.”

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LeMaitre
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Hi jattboy! The difference is quite subtle, but here's how one site puts it:

"Both are formed by association / group of persons. In the case of a firm though, registration is not necessary whereas a company must be registered / incorporated under Companies Act."

You can check out this link for more information.

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