Deliberate Registration – Registration of partnership firm isn’t mandatory. Since the enlistment gives different advantages to the firm in this manner it is attractive.

Legitimate Status – Partnership firm has no particular lawful status separate from its partners.

Legally binding relationship – A written agreement known as partnership deed which is signed by all the partners, ties them in an authoritative relationship.

Unlimited Liability / Boundless Liability – The liability of partners of a partnership firm is boundless. They are together held obligated for the obligations and misfortunes of the firm.

Number of Partners – The minimum number of individuals required to begin a partnership firm is two and a maximum is 10 if there should be an occurrence of banking business and 20 in the event of every other sort of business.

Skill of Partners – Every partner must be capable enough to go into the agreement of partnership. He ought not to be a minor, insane person or indebted.

Sharing of Profit and Loss – In a firm all the benefits and misfortunes are shared by the partners in any proportion as concurred. On the off chance that it isn’t given, at that point they share it equally.