A partnership firm is a fully recognize business structure formed with mutual consent of all the partners for a profitable purpose. The firm is managed, owned and controlled by a set of people that are termed as ‘partners’ and possess some shared capital in the firm. Partnership firms are categorize as registered and non-registered firms. It is not a mandatory requirement when it comes to the registration process but it is definitely advisable to do so because of the repercussions of its non-registration. Partnership firm registration offers a variety of benefits that do not apply to the firms that do…