In the context of Vigneshwar and Company Ltd., please explain in brief the points of differences when it is taken to be not a company but a partnership firm.

The major distinction between a Company and a Partnership Firm can be summarized as under: Registration Registration of a Company is compulsory under the Companies Act, 2013. Registration of a Partnership is not compulsory under the Indian Partnership Act, 1932. Number of Members/Partners Minimum of two in case of a One Person Company, and of two hundred in case of a private company, one person can be a Director and a minimum of seven and no limit on maximum number of members in case of a public company. Minimum number of two persons required to form a partnership. The maximum number is ten for banking business and twenty for any other business. Legal Status A company has a legal existence separate from its own members and is viewed as a separate legal person from its members. A firm does not have a separate legal existence different from its own partners. Ownership of Property The property of the company is owned by the company itself and not its members as the company has a separate legal existence. The property of the firm is owned by the partners themselves and not by the firm as a firm does not have a separate legal existence different from its own partners. Management The company is managed by a Board of Directors elected by the shareholders. A partnership is managed by the partners except the dormant and sleeping partners. Perpetual Existence A company has a perpetual existence, whereas a partnership does not have a perpetual existence. Contracts A member of the company can contract with the company. A partner cannot contract with the partnership firm. Liability Except in case of a company with unlimited liability, the liability of the members of the company is limited. The liability of partners in a partnership is unlimited. Transfer A transferee of shares in a company becomes a member of the company and the consent of all members is not required to become a member. A person can become a partner in a partnership firm with the consent of all the parties. Death The death of any or all members of the company does not determine (end) the existence of the company. Death of a partner dissolves the partnership deed, unless the partnership deed provides otherwise. The members of a company are not the agents of each other or of the company. Every partner of a firm is an agent of the other.