A firm is a commercial enterprise, a company that buys and sells products and/or services to consumers with the aim of making a profit. ... A business entity such as a corporation, limited liability company, public limited company, sole proprietorship, or partnership that has products or services for sale is a firm.

The company registration number, called the CIN number in Indian, is a unique number that is assigned by the Registrar of Companies (ROC). ... It is used to find the primary details of any company registered in India.

However, registration is the definite proof of the existence of the firm and its legality. Non-registration of a firm has some real-life legal consequences for the partners and the firm itself. So it is always advisable to draw up a written partnership deed and register the firm with the Registrar of Firms.

There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC. Below, we give an explanation of each of these and how they are used in the scope of business law