What is a Partnership Firms?
❖ The partnership firm is formed with the
mutual consent of all the partners to the
business. The firm is formed, registered and
governed by the provisions as enumerated
under the Indian Partnership Act, 1932.
❖ A partnership firm has no separate legal
entity of its own.
❖ Liability of partners is jointly and severally.
❖ A partnership is a contractual relationship
arising out of an agreement between two or
more partners.