Partnership firm is a business entity where two or more parties come together after executing a formal agreement (known as Partnership Deed) to own and manage the business. Partnership firm is an ideal choice of business entity for small enterprises wherein two or more persons partner together to own a business and share the profits or losses. Partnership firm is governed by the Partnership Act, 1932.The ceiling limit on number of Partners is 50. Partnership Firm having more than 50 Partners is declared as an illegal association.

A partnership firm does not have seperate identity from its partners. The liability of Partners is not limited and can extend to personal assets of Partners.

The action of active Partner can hold another liable.The partnership firm may dissolve due to removal or death of any Partner subject to clauses of Partnership Deed. 

Information or the data of a Partnership firm is not disclosed on any public platform.