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Gaurav Seth 5 years, 9 months ago
Meaning | When two or more persons agree to carry on a business and share the profits & losses mutually, it is known as a Partnership firm. | A company is an association of persons who invests money towards a common stock, for carrying on a business and shares the profits & losses of the business. |
Governing Act | Indian Partnership Act, 1932 | Indian Companies Act, 2013 |
How it is created? | Partnership firm is created by mutual agreement between the partners. | The company is created by incorporation under the Companies Act. |
Registration | Voluntary | Obligatory |
Minimum number of persons | Two | Two in case of private company and Seven in case of public company. |
Maximum number of persons | 100 partners | 200 in case of a private company and a public company can have unlimited number of members. |
Audit | Not Mandatory | Mandatory |
Management of the concern | Partners itself. | Directors |
Liability | Unlimited | Limited |
Contractual capacity | A partnership firm cannot enter into contracts in its own name | A company can sue and be sued in its own name. |
Minimum capital | No such requirement | 1 lakh in case of private company and 5 lakhs in case of public company. |
Use of word limited | No such requirement. | Must use the word 'limited' or 'private limited' as the case may be. |
Legal formalities in dissolution / winding up | No | Yes |
Separate legal entity | No | Yes |
Mutual agency | Yes | No |
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Gaurav Seth 5 years, 9 months ago
Joint Venture
1. A joint venture means establishing a firm that is jointly owned by two or more otherwise independent firms.
2. In the widest sense of the term, it can also be described as any form of association which implies collaboration for more than a transitory period.
Mahindra & Mahindra is an automobile industry in India. In 2005 Mahindra & Mahindra had a joint venture agreement with Renault which is a French car manufacturing company to produce and commercialize Logan. The joint venture is a 51:49 partnership between Mahindra & Mahindra and Renault. The Logan plant at Nasik has a capacity to produce 50,000 units per year (Mahindra, 2010). The main aim of this joint venture between these two companies is to produce no-frills Logan car with class-defying features at an aggressive price & launch them exclusively for the Indian market with the advantage of using dealers of Mahindra in order to reduce the time required to increase the market shares
Posted by Agrawal Agrawal 5 years, 9 months ago
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Gaurav Seth 5 years, 9 months ago
Knowledge Process Outsourcing
KPO is a kind of outsourcing whereby, functions related to knowledge and information are outsourced to third party service providers. Professionally qualified workers are required.
Features of KPO :
1. It is one step extension of BPO (Business Process Outsourcing).
2. It calls for the application of specialised domain knowledge of high level.
3. It involves a component of Business Processing Outsourcing (BPO), Research Process Outsourcing (RPO) and Analyses Process Outsourcing (APO).
4. BPO industry handles more amount of high skilled work other than the BPO industry.
5. The future of KPO has a high potential as it is not restricted to only IT, IT’s sectors. It includes other sectors like legal processes, intellectual property and patent related services, engineering services etc.
6. It derives its strength from the depth of knowledge, experience and judgement sector.
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Nomissh Gautam 3 years, 9 months ago
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