Hello aspirant,

According to the section 4 of Indian partnership act, 1932 partnership is defined as, 'the relation between persons who have, agreed to share the profits of a business carried on by all or any of them acting for all’.

In a partnership firm, two or more people join forces to start a business and distribute the earnings equitably. Any type of business, trade, or profession falls under the umbrella of a partnership. Compared to corporations, a partnership firm is simpler to establish and requires less compliances.

Thank you

Hope this information helps you.