Explain firm and Company in detail.

1.	Explain firm and Company in detail.
Answer» This is a business involved in the selling of services and products for profit, usually professional services. Although a firm can provide its products and services in more than one location, it is unified under the same owners hence must have the same Employer Identification Number. Examples of firms include accounting firms, consulting firms, law firms and graphic design firms. The IRS does not control the operations of a firm. This is a business involved in any income-generating activity involving the sale of goods and services and includes all business trades and structures. Companies can either be corporations, sole proprietorships and limited liability companies, with each having different tax benefits and liabilities. Also, they must be registered under the Companies Act. Types of companies include private limited company, a public limited company or a one-person company.

Answer»

This is a business involved in the selling of services and products for profit, usually professional services. Although a firm can provide its products and services in more than one location, it is unified under the same owners hence must have the same Employer Identification Number.

Examples of firms include accounting firms, consulting firms, law firms and graphic design firms. The IRS does not control the operations of a firm.

This is a business involved in any income-generating activity involving the sale of goods and services and includes all business trades and structures. Companies can either be corporations, sole proprietorships and limited liability companies, with each having different tax benefits and liabilities. Also, they must be registered under the Companies Act.

Types of companies include private limited company, a public limited company or a one-person company.

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