A partnership is when two or more people agree to go into business together and both might be from the same family or same association, whether or not they have a written contract.
Ideally, it is mandatory to validate the details in a partnership agreement that specifies each partner's rights, responsibilities, and share of the profits.
Partnership firms are registered with the Registrar of Firms. You don't have to file paperwork with the state in a partnership firm.
Partnerships are easy to incorporate and flexible to manage. Unlike corporations and LLPs, you won't have to file formation documents or annual reports with the state. Other benefits include more availability of capital funds, tax advantages, shared responsibility and ownership among partners, and low legal compliances.