The mutual rights and obligations are usually stated in the partnership deed.
Rights of a Partner:
(i) Right to take part in business: Every partner has a right to take part in the management of the business.
(ii) Right to be consulted: Every partner has the right to be consulted in all the matters concerning the firm.
(iii) Right of access to book, record, and document: Every partner has the right of access to all records and books of accounts, and to examine and copy them.
(iv) Right to share profit: Every partner is entitled to share the profits in the agreed ratio.
(v) Right to be indemnified: Every partner has the right to be indemnified by the firm for all acts of other partners in the ordinary course of the business.
(vi) Right to use partnership property for the business: Every partner has the right to use partnership property for the purpose of the partnership.
(vii) Right to continue: Every partner has the right to continue in the firm.

The main disadvantages of Partnership are given below:
(i) Lack of harmony: Each partner vies with one another in dishonest dealings. This mutual conflict and lack of team spirit pave the way for the dissolution of the firm.
(ii) Absence of Legal Status and Instability: The partnership firm has no separate legal existence. As a result, it is terminable on the death or insolvency of a partner.
(iii) Limited Resources: In view of this, only limited resources are available. Modern large-scale enterprises which require huge capital outlay cannot be started.
(iv) Limited Risk-taking: In view of the danger of unlimited liability, the partners tend to be overcautious. So, normally they do not want to assume risks starting new ventures.
(v) Risk of implied authority: Every partner can bind the firm and his other partners by his acts. Therefore all other partners become liable to a greater extent because of the folly and fraud committed by a fellow partner.
(vi) Lack of public confidence: As its accounts need not be audited and published, it lacks public confidence.

The main advantages of Partnership are given below:
(i) Easy formation: The formation of partnership firm requires fulfillment of lesser legal formalities than other types of organisation. What required is just an agreement, which can be oral or written.
(ii) Availability of larger resources: The combined capital of all the partners and the greater borrowing capacity make available larger financial resources. New partners can also be taken into partnership to secure more capital.
(iii) Benefit of consultation: Two heads are better than one. Wise decision can be possible when the issues and subject matters are thoroughly discussed.
(iv) Division of Work and greater managerial Reduced Risk: The risk of each partner is reduced considerably since the loss sustained by the firm is shared by all the partners.
(v) Safeguard of the Minority Interest: For all the vital matters unanimous consent of each partner is required.
(vi) Easy Dissolution: The dissolution of the partnership is also very simple. No legal hurdle is there for dissolving the firm.

Characteristics: The main characteristics of the partnership are given below:
(i) Contractual Relationship: Partnership is the result of an agreement, which may be oral or written.
(ii) Plurality of persons: Since the partnership is the outcome of an agreement, the minimum number of persons required to form a partnership is two. Maximum is restricted to  10 in the case of banking business and to 20 in all other cases.
(iii) Existence of business: The partnership agreement must be to carry on lawful business or a profession. In other words, the partnership is not a club or a charitable association.
(iv) Sharing profits: The business must be carried on with a view to earn the profit and share it among all the partners.
(v) Mutual Agency: In fact, the mutual agency is the essence of partnership. Since the business is to be carried on by all or any of them acting for all, each partner acts simultaneously as a principal and an agent.

Characteristics: The main characteristics of Joint Hindu Family Business are given below:
(i) Governed by Hindu Law: The business of the Joint Hindu Family is controlled and managed under the Hindu law.
(ii) Management: All the affairs of a Joint Hindu Family are controlled and managed by one person who is known as 'Karta' or 'Manager'. The Karta is the senior most male member of the family.
(iii) Membership Birth: The membership of the family can be acquired only by birth. Membership requires no consent or agreement.
(iv) Liability: Except the Karta, the liability of all other members is limited to their shares in the business.
(v) Permanent Existence: The death, lunacy or insolvency of any member of the family does not affect the existence of the business of Joint Hindu Family.
(vi) Implied Authority of Karta: In a joint family firm, only Karta has the implied authority to enter into a contract for debts and pledge the property of the firm for the ordinary purpose of the businesses of the firm.