A Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and goals set out in the Partnership Deed. The partnership deed details the partner’s responsibilities, ownership interests, profit and loss sharing ratio among partners, nature of business, dispute settlement, dissolution process etc.

Partnership is the most popular forms of business organizations in India. The reason why these forms of organization are so popular is because they are relatively easy to set-up and the no. of statutory compliance required to be done by these forms of organizations is relatively less than the statutory compliance applicable to LLP’s and Companies.