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PARTNERSHIP FIRM

Partnership Firm is a business entity where two or more persons agree to contribute capital in a business and share profits or losses as per partnership agreement. It is simple form of business entity for small enterprises. It is easy to form Partnership business and it has minimal regulatory compliance. Depending on the choice of Partners, Partnership business can also be registered under The Indian Partnership Act 1932.

The following are the essential ingredients for the constitution of a partnership-

There should be an agreement between the parties;
The agreement must be to share the profits / losses of the business; and
The business must be carried on by all or any of them acting for all;

The advantages of a partnership include:

Partners can establish a partnership instantly, easily and inexpensively.
Partnerships carry little, if any, ongoing formalities.
Partnership business is simple form of business entity for small enterprises.
Partnership business can also be registered as compared to Proprietorship.