A Partnership Firm is a form of business organization where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed.
Formation: A partnership is formed by an agreement known as the Partnership Deed. This document outlines the terms and conditions of the partnership, including the roles, responsibilities, and profit-sharing ratios of the partners.
Number of Partners: A partnership must have a minimum of two partners. There is typically no maximum limit on the number of partners, but specific regulations may vary depending on the jurisdiction.
Legal Status:In most jurisdictions, a partnership firm is not considered a separate legal entity distinct from its partners.
