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. Partnerships firms are relatively easy to start and are prevalent amongst small and medium sized businesses in the unorganized sectors.
There are two types of Partnership firms, registered and un-registered Partnership firm. While it is not compulsory to register your partnership firm as there are no penalties for non-registration, it is advisable to do so for the smooth functioning of a Partnership firm.
A registered partnership firm enjoys: