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A Partnership Firm is a business formed by two or more people sharing profits, risks, and unlimited liability under a mutual agreement called Partnership Deed.
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A Partnership Firm is a business structure where two or more persons join together under a partnership agreement (Partnership Deed) to run a business and share profits. The partners pool resources, skills, and capital, while also sharing risks and liabilities. Unlike companies, a partnership is not a separate legal entity (except in some jurisdictions). Partners have unlimited liability, meaning their personal assets can be used to meet business debts. This structure is simpler to form, has fewer compliances, and suits small to medium businesses, but it faces limitations in scalability and liability protection.
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