Are you aware that a partnership firm is the most basic sort of business organisation that can be formed with just two members and few regulations? A partnership is a legally binding agreement between two or more people to manage and operate a business and share profits. Partnerships come in a variety of shapes and sizes. In a partnership business, for example, all partners share equal liability and earnings, although in other businesses, partners may have restricted liability. There's also the "silent partner," in which one party isn't involved in the business's day-to-day operations. A partnership is a legally binding agreement between two or more people to manage a business and share earnings and liabilities. All members of a general partnership corporation share both profits and liabilities. Limited liability partnerships are frequently formed by professionals such as doctors and lawyers. When compared to a corporation, there may be tax advantages to forming a partnership.

Abhijith S

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