A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. Various partnership arrangements are possible in which all partners might share liabilities and profits equally or some partners may have limited liability. Not every partner is necessarily involved in the management and day-to-day operations of the venture, such as in the case of a "silent partner. Some of its beneficial features are:-

Easy Establishment
A Partnership is easy to form as no such legal formalities are involved. Even its registration is optional. However, if the firm is not registered, it will be deprived of certain legal benefits.

Partnership Deed
It is a written agreement which will determine the ownership of the firm, profit sharing ratio, rights and responsibilities of each of the Partner. A partnership deed can be registered with the Registrar.

Sharing Responsibility
Partnerships bring the benefit of "economy of scale" with the sharing of both responsibility and funding requirements.

Minimizing Your Weaknesses
This may come as a shock, but you are not awesome and amazing at everything you do. Entrepreneurs know the key to success is not trying to be amazing at every aspect of business, but figuring out what your biggest strengths are — and how those strengths can help contribute to the business — then find other people (with different strengths) to fill in the gaps.
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