Partnership Firm Establishment is the process of setting up a business owned and managed by two or more individuals who agree to share profits and responsibilities as per a mutual agreement. This agreement, known as a Partnership Deed, outlines the roles, duties, profit-sharing ratio, and other terms among the partners. The firm can be either registered or unregistered, though registration under the Indian Partnership Act, 1932 is recommended for legal benefits. It is a simple and cost-effective business structure, ideal for small and medium-sized enterprises where two or more people collaborate to run a business jointly.
