Partnership is a relationship between two or more persons.

In the partnership firm, liability of each partner is

A limited company is an artificial person.

A company has a perpetual succession.

The common seal is affixed on all important documents and contracts of a company.

Shares are not freely transferable in private limited company.

The maximum number of members is fifty in case of a public company.

Shareholder's liability is limited in a public company.

The minimum number of members to form a partnership firm is

Calculate Operating profit if

• Gross profit = 9000
• Distribution costs = 2500
• Admin expenses = 500