Every partner is jointly and severally liable for all acts of the firm. It means that in case these its are inadequate for meeting the claims of creditors, even their personal properties should be made available. The creditors can recover their claims from all the partners.

The principle of voting in a company is one share-one vote i.e. if a person has 10 shares; he has 10 votes in the company. This is in direct distinction to the voting principle of a co-operative society where the "One Member - One Vote" principle applies i.e. irrespective of the number of shares held, one member has only one vote.

Domestic Company means an Indian Company, or any other company which, in respect of its income liable to tax under the act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income.

(i) The Articles of Association (AOA) is a document that contains the purpose of the company as well as the duties and responsibilities of its members.
(ii) It is an important document which needs to be filed with the Registrar of Companies.
(iii) In the Companies Act, Table A Prescribes model for the articles of the companies. Table A is a document containing rules and regulations for the internal management of a company.

(i) A Memorandum of Association (MOA) is a legal document prepared in the formation and registration process of a limited liability company to define its relationship with shareholders.
(ii) It reveals what powers it has and what activities the company is permitted to undertake.
(iii) It is a public document and any person dealing with the company is presumed to have sufficient knowledge of it. It is the primary document of a company.