In general a Partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates. In Bangladesh Partnership Firms are formed under the provisions of the Partnership Act 1932.
Partnership Act 1932 defines the term Partnership as “Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Persons who have entered into partnership with one another are called individually “Partners” and collectively “a Firm”, and the name under which their business is carried on is called the “Firm name”.
Registration Authority: In Bangladesh The Registrar of Joint Stock Companies and Firms (RjSC) is the sole authority to Register Partnership firms. However registration of Partnership Firms are not mandatory in Bangladesh. Section 69 of the Partnership Act stated the effect of Non Registration of the Partnership firms.