A partnership is a business arrangement which involves two or more people. A partnership isn’t a separate legal entity, so the liabilities in addition to the profits are shared by all the partners. The partners agree to do business through a partnership deed, this can be oral or written and can be registered as well. Registration is optional according to the partnership act and can be done at any time not only before starting the business.
Liability:Partners of the firm have unlimited liability, its shared amongst the partners in accordance to the partnership deed.
Continuity: There is lack of continuity in a partnership as death, insolvency or retirement of a partner can bring end to the business and a fresh agreements will be required.
Minimum 2 people are required and can go up to 20.
Like a sole proprietorship there is no limit.
Interest in a partnership firm can be transferred only after all the living partners have expressly consented to such a transfer.
Yes there are procedures in place to do that, can refer to registration of a LLP for that.
Requirements quoted directly form S.58 of the Partnership Act 1935
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