WHAT IS PARTNERSHIP FIRM INCORPORATION?
The term Partnership Firm refers to two or more people getting together to create a company and carry on a business cooperatively. Everyone who comes together agrees to share profits and losses in an equal or predefined ratio. Partnership firms are generally simple to establish and are common among small and medium-sized businesses in unorganised sectors.
A Partnership Firm is a popular type of company constitution for companies that are owned, managed, and controlled by a group of people for profit. Partnership firms are reasonably simple to establish and are common among small and medium-sized enterprises in the unorganised sector. With the establishment of Limited Liability Partnerships in India, Partnership Firms are rapidly losing favour due to the additional benefits provided by a Limited Liability Partnership. Partnership firms are classified into two types: registered and unregistered.