A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.

 A Partnership deed has all the information related to the name and address of Partners along with their age and shares owned by each Partner, the name and address of the Partnership Firm, share capital of the partnership firm and all other rules and laws of operation of Partnership Firm.

Features of Partnership Business

• Quick and easy start which requires only 4-15 days.
• Not much legal formalities.
• Power of Association of two or more partners.
• Partners are jointly and severally liable to profits and losses of the Firm.
• Minimum compliance to file only GST returns, Income Tax Returns etc. periodically.
• Tax Audit of the partnership firm is required only when the turn-over of the Firm crosses a defined limit.
• The Partnership firm is registered with the Registrar of the firms and the Partnership deed can also be registered. A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. 
• There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability.