This form of business entity owes its feature as an old business structure in India and is governed by the Indian Partnership Act, 1932. Any two individuals, who wish to enter a contract to initiate a business, can do so in accordance with the agreement called a partnership deed .A partnership isn’t a legal entity, and is thereby not mandatory to register a partnership deed. This kind of business structure is usually opted by small businesses .It always advisable to register a partnership, so as to avail legal protection or measures in situations of crisis that may arise in the business .The partners share all the liabilities and profit in confirmation to a set ratio decided in prior.
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