DIFFERENCES BETWEEN PARTNERSHIP AND PUBLIC LIMITED LIABILITY COMPANY

            DIFFERENCES BETWEEN PARTNERSHIP AND PUBLIC LIMITED LIABILITY COMPANY

 FeaturesPartnershipPublic Limited Liability Company
1Legal entityIt has no separate legal entityIt has separate and distinct legal entity
2LiabilityIt has unlimited liabilityIt has limited liability
3MembershipIt has a minimum of two and a maximum of twentyIt has a minimum of seven and no maximum limit
4OwnershipIt is not separated from management the partnersOwnership is separated from as it is owned and contributed by as it is owned by shareholders and controlled by board of directors.
5FormationRights are regulated by deeds of partnership as they are not incorporatedGoverned by memorandum of association as they are incorporated
6AuditingNo audit of accountLaw prescribes an annual audit and publishing of accounts.  
7PerpetuityDeath or withdrawal of a partner can bring it to an endCompany enjoys perpetual existence
8Raising of capitalThis is done through member’s contributionThis can be done through issuance of shares to the public.

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