what is the difference between a copmany and a partnership?

Answer 1

assuming you meant company,

company-
1. a number of individuals assembled or associated together; group of people.
2. a number of persons united or incorporated for joint action, esp. for business: a publishing company; a dance company.
3. (initial capital letter) the members of a firm not specifically named in the firm's title: George Higgins and Company.

Partnership
1.The state of being a partner.

2.
a. A legal contract entered into by two or more persons in which each agrees to furnish a part of the capital and labor for a business enterprise, and by which each shares a fixed proportion of profits and losses.
b.The persons bound by such a contract.

3. A relationship between individuals or groups that is characterized by mutual cooperation and responsibility, as for the achievement of a specified goal: Neighborhood groups formed a partnership to fight crime.

Answer 2

There are many legal differences. The right to issue stock can only be done by a corp. Any liabilities incurred by a corp. are the corporation an legal entity or responsibility of the board of directors. as was the case with Enron. A company is generally owned by an individual or a partnership agreement among several individuals. Any liabilities incurred would be against the owner or partners. Additionally, a corp. enjoys greater tax benefits. Hope this helps you.

Answer 3

One person can set up a company. Or a company can be owned by a partnership. Or a company can be owned by many shareholders (like the big ones--Exxon, Sears, etc.) A partnership implies an agreement between two or more people as to sharing ownership of a business, or for some other purpose.

Answer 4

Company- a chartered commercial organization or medieval trade guild b : an association of persons for carrying on a commercial or industrial enterprise

Partnership- the state of being a partner : PARTICIPATION
2 a : a legal relation existing between two or more persons contractually associated as joint principals in a business b : the persons joined together in a partnership

As defined in Webster.

Answer 5

A partnership can be structure as a separate entity from a non-incorporated company. A company can be an individual, a partnership, a Sub S corp, a C corp, etc.

Answer 6

A company is just another term for a business. A corporation is a legal entity seperate from its owners so they cannot be held liable. A partnership is a business in which the partners can be held directly liable. A proprietorship is a company with a single owner.

Answer 7

A partnership is actually type of company, as is a sole proprietorship and a corporation. A partnership is owned by 2 or more owners that have direct liability. A sole proprietorship is owned by one owner with full liability. A corporation can be owned by one or millions of people with no liability.

Answer 8

A company is a coporation where you have a CEO etc... it could be public or private.

A partnership is a business that you share with another person.

Answer 9

are we talking legally a company has limited liability where a partnership has unlimited liability meaning if the company owes money and is unable to pay that they can attach your personal assets. a corporation witch is what i think you are asking about is a separate entity from you and if it goes belly up they can not take your personal assets to pay for company debt.

Answer 10

you must clarify what you mean by company, i.e. sole proprietor, corporation, non profit org, gov agency, etc. Then one could illustrate the difference between a "company" and a partnership.