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Floral Posted 22 years ago
Vocabulary
Company and firm
Are the words "company" and "firm" interchangeable?
Top answer
No. It is my understanding that a 'company' implies a corporate body independent of its members, normally because it has limited liability. A 'firm' may be also a company, but it may also be a partnership or even a sole trader with employees.
- No.
- It is my understanding that a 'company' implies a corporate body independent of its members, normally because it has limited liability.
- A 'firm' may be also a company, but it may also be a partnership or even a sole trader with employees.
- What this means is that a company is always a firm, but a firm may be a hairdressers shop, a couple of freelance electricians sharing a workshop or a local undertaker.
- These are examples of 'firms' whilst not being 'companies'.
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1 Answers
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No. It is my understanding that a 'company' implies a corporate body independent of its members, normally because it has limited liability. A 'firm' may be also a company, but it may also be a partnership or even a sole trader with employees.
What this means is that a company is always a firm, but a firm may be a hairdressers shop, a couple of freelance electricians sharing a workshop
What this means is that a company is always a firm, but a firm may be a hairdressers shop, a couple of freelance electricians sharing a workshop
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