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One of the most important types of business organisation is the partnership. A partnership firm is formed when two or more people join forces to form a business and divide profits in an agreed-upon ratio. Any type of trade, occupation, or profession is included in the partnership business. In comparison to corporations, forming a partnership firm is simple and requires fewer regulations.
In India, partnership firms are governed and regulated by the Indian Partnership Act, 1932. Partners are the people who work together to form a partnership firm. A contract between the partners establishes the partnership firm. The contract between the partners is known as a partnership deed, and it governs the relationship between the partners as well as the partnership firm.
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