Question

Distinguish between an organisation, a firm and a company.

Answer 1

Basis of distinction	Organisation	Firm	Company
Meaning	An organisation is a group of persons who join together to achieve some common objectives.	A firm is an individual or a group of persons undertaking some business activity.	A company is a group of persons registered as a legal entity under law.
Legal status	It is not necessarily a separate legal entity distinct from its members.	It does not have a separate legal identity from its owners unless it is registered as a company.	It has a separate legal entity independent of its members and is considered an artificial person.
Registration	It may or may not be registered under law.	It may or may not be registered, depending on the form of business.	It is always registered and incorporated under law.
Ownership	It consists of people working together to achieve common goals.	It is owned and controlled by one or more persons.	It is owned by shareholders and managed by a Board of Directors.
Examples	Schools, hospitals, government departments, and clubs.	Sole proprietorships and partnerships such as Birla Brothers.	Tata Motors, Coca-Cola Corporation, ICICI Bank, and other registered companies.