A partnership is easy to form as no cumbersome legal formalities are involved. A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business. The owners of a partnership business are individually known as the "partners" and collectively as a "firm". A partnership is formed by an agreement :which may be either written or oral. When the written agreement is duly stamped and registered, it is known as "Partnership Deed".