This is a general partnership between two or more partners who have agreed to share the profits ofa business carried on by all or any of them acting for all. There can be a registered or unregistered partnership deed. Registered partnership enjoys following benefits over un-registered partnership:

  • Power to file suit/case by  partner in a firm against the firm or other co partners
  • Power to file suit/case by a firm against any third party
  • Power to claim set off