A partnership firm is formed when two or more individuals join to run a business and share profits and losses based on a mutual agreement, commonly known as a partnership deed.

Advantages

Starting a partnership is relatively straightforward and requires a simple legal agreement. Partners can pool resources, knowledge, and capital, which provides a stronger base compared to a sole proprietorship.

Disadvantages

Internal disputes may also arise, and the firm’s existence is tied to the continued participation of all partners.
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