• A Partnership is one of the most important forms of a business organization, where two or more people come together to form a business and divide the profits thereof in an agreed ratio.
  • To form a Partnership the Deed is formed it’s called Partnership Deed, Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned.
  • Partnership deed can be written or oral.
  • There is no minimum limit of Contribution to form Partnership Firm.
  • Number of Partners- Minimum 2 and Maximum 100, but in case of firm carrying of banking business the maximum limit is 10.
  • Each partner has unlimited liability and is personally liable for all the debts of the firm.
  • A Partnership firm may or may not be registered.