1. Previous Lecture Classes of Companies Privilege of Private Company

2. Company Law -2 Lecture # 26

3. Partnership Vs. Company Partnership Act 1932 Security Exchange Commission of Pakistan Act 1997 – SECP –Companies Ordinance 1984

4. Partnership Vs. Company Succession –Successive Partner –Successive Member Effect of Insolvency of Individual –Partner –Member Limited Liability –Firm – Unlimited Liability –Company – Limited to one’s share

5. Partnership Vs. Company Ownership of Property –Firm –Company Transferability of Shares –Very Complicated – subject to Partnership Deed –Very Straightforwardly

6. Partnership Vs. Company Capacity to Sue –Subject to Partnership Deed –Company’s Liability Professional Arrangements –Limited Resources –Unlimited Resources

7. Partnership Vs. Company Financial Facilities –Limited Supply –Unlimited Resource Agency Relationship –Not likely –Possible

8. Partnership Vs. Company Contractual Relations –Non existence –Very much possible Commencement of Business –Immediately –After Completion of Legal formalities

9. Partnership Vs. Company Representation –Without any Hassle –Subject to Permission Management –Non Skilled –Professional

10. Partnership Vs. Company Reduction in Capital –Prime Investment –Collective Investment Number of Members –Ordinary Firm 2 to 20 –Financial Firm 2 to 10 –Private Company 2 to 50 –Limited Company 7 to Unlimited

11. Partnership Vs. Company Effect of Death –Firm Dissolves subject to Partnership Deed –No Effect Identification –Possible in either case

12. Next Lecture Company Law – 3