Dear experts,
I want to know the difference (technical) between a FIRM and a COMPANY.
I had registered a business , a partnership ( not registered) and registered as a firm with a name. Soon after we recieved the aknowledgement from the registration authorities ( Registrar of firms ) with registration number and name accepted, my partner got a good offer from middle east and he had to leave. I have not intimated the registrar about the non functioning of the business as the partnership. As I had to run the business, I continued business as a proprietorship concern. My friend, who was a partner has no objection or any part in the business. I used the same name of the business as it was already been in the market and was well accepted. Is it technically wrong? if so, what should I do to rectify it??
pls advice..
Justin
