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The words FIRM, INDUSTRY, COMPANY has often been misunderstood by come. In context of business:
Firm refers to any business, such as a sole proprietorship, partnership or corporation.In other words, a partnership or association of two or more persons or entities for the purpose of carrying on a business, the aforementioned business itself.
INDUSTRY refers to organized economic activity concerned with manufacture, extraction and processing of raw materials, or construction
Organisation refers to a group of people work together with a common goal or objective in an organisation. The word organisation, therefore, refers to an ordered manner of functioning. The orderliness is by virtue of being methodical, systematic, efficient and well organised. Organisation is also defined as the act of organising or setting up or establishing a business or performing any activity which is related to the business. It is also the activity or result of distribution or disposal of persons or things in a methodical or proper manner.
Company refers to a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is characterised by having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
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