Key features of a partnership firm in India include:

• Formation: A partnership firm is formed through a written agreement called a "partnership deed," which sets out profit-sharing, roles, responsibilities, and other key terms.
• Number of Partners: A partnership firm requires at least two partners. For banking businesses, the maximum limit is 10 partners, while for other types of businesses, it is capped at 20.
• Liability: In a partnership firm, partners have unlimited liability. This means they are personally responsible for the business's debts and liabilities, and personal assets can be used to cover business debts.
• Management: Partners hold the authority and responsibility for day-to-day operations in a partnership firm. The partnership deed can outline specific roles and responsibilities.
• Capital: Partnership capital is usually provided by the partners, and the specific contributions are outlined in the partnership deed.
• Continuity: A partnership firm is not everlasting. It dissolves upon a partner's death, insolvency, retirement, or withdrawal, unless stated otherwise in the partnership deed.
• Registration: Although not obligatory, registering a partnership firm in India is advisable. Registration offers legal advantages, such as the ability to file suits against the firm or other partners in case of disputes.

It's important to note that the Indian Partnership Act, 1932, governs the formation and operation of partnership firms in India. This Act provides the legal framework for partnerships, outlining the rights, duties, and liabilities of partners.

Partnerships offer several advantages:

• Ease of Formation: Partnerships are relatively easy and inexpensive to set up compared to other business structures like corporations.
• Shared Responsibility and Expertise: Partners bring their own skills, knowledge, and resources to the business, which can lead to better decision-making and a more diverse range of expertise.
• Shared Financial Burden: Partners share the financial responsibilities of the business, including startup costs, operational expenses, and potential losses.
• Flexibility in Management: Partnerships offer flexibility in how the business is managed. The partners can decide together on roles, responsibilities, and decision-making processes.
• Tax Benefits: Profits and losses "pass through" to the individual partners, which means they are reported on the partners' personal tax returns. This can lead to potential tax advantages.
• Broader Access to Resources: Partnerships can provide access to a larger network of contacts, suppliers, and customers, which can be beneficial for business growth.
• Risk Sharing: With shared responsibility comes shared risk. Partners can help each other navigate challenges and mitigate potential setbacks.
• Ease of Dissolution: If needed, partnerships can be dissolved with less complexity compared to corporations. This can be an advantage if the partners decide to pursue other ventures.
• Increased Credibility: Some partnerships, particularly those involving established and reputable partners, can lend credibility to the business in the eyes of customers, suppliers, and investors.
• Continuity: In some cases, partnerships can continue even if one partner leaves, as long as the partnership agreement allows for it.