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A partnership incorporates an agreement between two or more people to share the profits and liabilities of a business. It is an association between two or more people who agree to become business co-owners, distribute responsibilities, etc. As per the Indian Partnership Act, 1932 Section 4, "Partnership" is the relation between persons who agreed to share the business' profits carried on by all or any of them acting for all. When it comes to partnership, a nominal partner is a type of partner in a business having no actual interest in the trade or obta...

When it comes to the difference between agreement and contract, people often use the terms interchangeably. Agreements are formed when two or more persons agree on the same thing in the same sense. This state of the identity of minds is called agreement. The act of agreeing upon the same thing in the same sense is called consensus ad idem. 'Consensus ad idem' is a Latin term. A contract gets defined as "an agreement enforceable by law". In simple terms, a contract is a legally enforceable agreement for performing an act or omission. An agreement inco...

A contract is an agreement that creates a binding obligation on two or more parties entering into it, and the law establishes the obligation in a contract. The Indian Contract Act, 1872 governs a contract in India. According to section 2(h) of the Indian Contract Act 1872, A contract gets defined as "an agreement enforceable by law is a contract". Types of Contracts There are various types of contracts which has their objective to achieve. These are:- Based on creation The types of contracts get divided into three types based on their creation. Let...

A one-person company (OPC) gets managed by a single member (i.e. shareholder of the company). This single director is responsible for the company's functioning, and his liability only extends to the amount of money unpaid on the subscription of shares. A one-person company get considered a separate legal entity apart from its members. The shareholder of this company is a subscriber to the company's memorandum of association. Mostly, it gets considered the same as a sole proprietorship, but in reality, they are both different. A one-person company is a ...

A private entity or private shareholders own a private limited company to achieve more profits. It gets considered as a corporate body that aims to achieve more and profits. It offers limited liability to its members and legal protection for its members. The private property and assets of the company members are free from the legal hassles in case of debts and liabilities in the company's name. The liability of shareholders in this company extends up to the number of shares. The Companies Act Section 2(68) of the companies act 2013 prescribes the defi...