An organization made up of two or more people who decide to split the gains and losses from a business endeavour is called a partnership firm. Although there are no complicated legal requirements, it must be registered to be recognized legally. A partnership deed, which specifies the terms and conditions of the partnership, including profit-sharing ratios, roles, obligations, and capital contributions of partners, is usually drafted and executed as part of the registration procedure. In the event of a disagreement, partners in a registered partnership firm may pursue their rights and obligations in court thanks to the firm's legal status.
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