A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. A Partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.

Key Features of Partnership Firm-

  • Minimum two persons required as Partners.
  • Partners share responsibilities and duties of the business.
  • More capital can be brought into the business.
  • It has minimum compliance requirement.