Partnership Firm

The term "Partnership" is a short and straightforward word but has a strong meaning attached to it. In the corporate arena, the term partnership refers to a relation or an association between two or more people who decide mutually to establish a business and share profits and losses. This business structure is either carried on by all the partners or by any one of them acting for all (Principal and Agent Relationship). Moreover, it is established on legal terms; hence, all the rules and regulations must be complied with while obtaining Partnership Firm Registration. Lastly, this business format is usually chosen either by budding start-ups, entrepreneurs, or small and medium-sized businesses operating in the unorganized sectors.Some of the most prominent and famous examples of a partnership include McDonald's, Google, Microsoft, Apple, Twitter, Hindustan Petroleum, Intel, Louis Vuitton, and BMW, Warner Bros, Levi's and Pinterest, Red Bull and GoPro, Uber, and Spotify, Hewlett Packard, etc.