alt Hacker News> What is the definition/significance of "firm"
Broadly speaking, privately-held companies are called firms. Colloquially, it tends to connote closely-held companies.
> What is the definition/significance of "firm"
Broadly speaking, privately-held companies are called firms. Colloquially, it tends to connote closely-held companies.
Firm is used for partnerships, where the company is not a legal entity itself. An incorporated company may be closely held but it wouldn’t be a firm in that sense. (However, it may be customary to talk about law or accouting firms, for example, regardless of their actual legal form.)