Partnership is one of the oldest legal concepts of doing business. When two or more person wants to do business and wants to bind each other with legal boundaries, create a firm called partnership. Under Partnership, all partners specify their responsibilities, liabilities, objectives and other conditions required to execute the business activities. Unlike Limited Liability Partnership firm, under partnership Firm, the liability of all partners remain unlimited. Partners have to execute an agreement on stamp paper that is called Partnership Deed. It's optional to register a partnership deed with the court. Normally, General Partnership Deed can execute the purpose of business.