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What is the difference between a Proprietor firm, a
Partnership firm & a limited company
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Answer Posted / rahul
A Proprietor firm is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
A partnership firm is an arrangement where individuals agree to cooperate to advance their interest. All the partners share profits or losses in their respective share in the business.
A limited company is a company in which the liability of the members of the company is limited to what they have invested or guaranteed to the company. Who may become a member of a private limited company is restricted by law and by the company's rules.
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my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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