According to the Indian Partnership Act, a partnership can be formed with a minimum of two partners.

Joint Stock Companies are not recognized as a type of partnership under the Indian Partnership Act.

In a general partnership, the liability of partners is unlimited, meaning they are personally liable for the debts and obligations of the partnership.

A managing partner is responsible for managing the day-to-day operations of the partnership, representing the partnership in legal matters, and distributing profits among the partners.

Admitting a new partner into an existing partnership results in the reformation of the partnership, with the new partner becoming a joint owner of the partnership assets and liabilities.

A partnership can be dissolved by mutual consent of all partners, by giving notice to the other partners, or by order of the court.

Upon dissolution of a partnership, the assets and liabilities are distributed among the partners, transferred to a new partnership, or sold and the proceeds are distributed among the partners.

A partnership deed serves to set out the terms and conditions of the partnership, register the partnership with the government, and protect the interests of the partners.

The Indian Partnership Act allows a maximum of 200 partners in a limited liability partnership (LLP).

In a limited liability partnership (LLP), the liability of partners is limited to the extent of their investment, meaning they are not personally liable for the debts and obligations of the LLP.

A designated partner in a limited liability partnership (LLP) is responsible for managing the day-to-day operations of the LLP, representing the LLP in legal matters, and distributing profits among the partners.

Admitting a new partner into an existing limited liability partnership (LLP) results in the reformation of the LLP, with the new partner becoming a joint owner of the LLP assets and liabilities.

A limited liability partnership (LLP) can be dissolved by mutual consent of all partners, by giving notice to the other partners, or by order of the court.

Upon dissolution of a limited liability partnership (LLP), the assets and liabilities are distributed among the partners, transferred to a new LLP, or sold and the proceeds are distributed among the partners.