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Partnership is a very common to carry on business these days. In partnership two or more persons are needed to carry on business. In partnership there is mutual agency where one partner is acting on behalf of the other. In their individual capacity they are called partners and when they collectively work then they carry on business under a firm name The business carried out in partnership has its many advantages as compare to any other forms of business like;- The partnership business is very easy to start. The one of the best advantage of partnership business is that there are easy availability resources. As there is sharing of profit and loss, so the partners will able to take risk. It is easy in case of partnership business to take decisions and to form a common opinion There is also benefit of flexibility of operations.

Partnership Firm Registration

Though the Registration of the partnership firm is not compulsory, but partners usually go for registration because the unregistered firm has its many disadvantages. The one of the great disadvantage of unregistered firm is that partners will not sue each other if there is any dispute occurs between them in future. The disadvantage of unregistered firm is that it will not sue third parties for any dispute which occurs between them. The Procedure for registration of the firm is simple .first a person has to make an application to the registrar, accompanied with the prescribed fee and documents required for the registration like the statement mentioning the firm name, the place of business, and the name of any other places where the firm is to carry on business . When the registrar is satisfied that all the provisions are dully complied with he shall record an entry in the register called the register of firms and shall file the statement.

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