A partnership firm is the most appropriate entity for small and home-run businesses that involves two or more persons. This is a more popular form of business managed by group of people for profit purpose. Partnership firms are very easy to start with. The low cost, ease of setting up and minimal compliance requirement makes it a viable option for small time businesses. Recently, this business form is seen losing its prevalence with an introduction of Limited Liability Partnership as LLPs have better advantages than simple partnerships.
Generally, there are two kinds of partnerships based on their registrations; registered and unregistered partnership firms. Although it is not compulsory to register a partnership firm it is advisable to register it due to various advantages that come with registering such firms. All created Partnership Firms are created through drafting a Partnership deeds amidst all partners.
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