Duty to carry on business:
Every partner has to carry on the business of the firm to the maximum advantage of all the partners.
Duty to be true:
Every partner must be true, just and faithful to one another. There must be utmost good faith and fair dealings.
Duty to render true accounts:
A partner is bound to keep and render true and full accounts of the partnership. He must produce relevant vouchers for the expenses incurred by him and hand over to the firm all amounts which have come into his hands as a partner.
Duty to indemnity the firm:
Every partner must indemnify the firm for any loss caused by his fraud or wilful negligence in the conduct of the business.
Duty to share the loss:
Every partner is bound to share the losses in the agreed ratio in the absence of an agreed ratio, it must be borne equally.

Registration of Partnership is only optional in India. But if a firm is not registered, it has to face the following drawbacks.
(i) A Partner of an unregistered firm cannot file any case against the firm or against any other Partner, including an ex-partner for enforcing his contractual rights under the partnership agreement or under the act.
(ii) An unregistered firm cannot file any suit against third parties in any civil court for recovering the money due.
(iii) Any third party can take legal action against the business or the partners.
(iv) The firm cannot take legal action against its partners.
(v) An unregistered firm cannot enforce its claims against third parties for recovering a sum exceeding rupees one hundred.
(vi) A Partner cannot sue for dissolving the firm or realising the property of the dissolved firm or for the settlement of accounts on dissolution.
(viii) The firm forfeits its rights in restricting the outsiders from using the trademarks and copyrights of the firm.

(I) Active Partner: A partner who takes an active part in the conduct of the partnership business is known as an active partner.
(ii) Sleeping Partner or Dormant Partner: Such a partner contributes capital and shares in the profits or losses of the firm but does not take part in the management of the business.
(iii) Nominal Partner:
(1) Such a partner neither contributes any capital nor is he entitled to manage the affairs of the business.
(2) He only lends his name to the firm because of the strength of his name and reputation, the firm may attract additional business and raise funds easily.
(iv) Secret Partner:
(1) A secret partner is one whose association is not known to the general public.
(2) Other than this distinct feature, he is like rest of the partners in all respects.
(v) Minor Partner:
(1) Under the Indian Majority Act, person who has not completed 18 years of age is a minor.
(2) However, he will continue to be a minor till he completes 21 years if a guardian has been appointed to the minor.

(i) Partnership at will:
(1) Partnership formed to carry to Business for an undefined period is called Partnership at will.
(2) Thus this type of Partnership continues its business activities as long as there are mutual co-operation and confidence among partners.
(3) The partnership can be terminated if any other Partner notified his desire to quit.

(ii) Partnership for a fixed term:
(1) Where a Partnership is formed for a definite period of time, it is known as the partnership for a fixed term.
(2) The Partnership for a fixed term comes to an end on the expiry of the stipulated period.
(iii) Particular Partnership:
(1) When a Partnership is formed to carry on a Particular venture or a business of temporary nature, it is called particular Partnership.
(2) If automatically comes to an end with the expiry of the stipulated period of time.
(3) For Example: a Partnership may be created for one year only.
(iv) Limited Liability Partnership:
(1) Limited Liability Partnership is very popular in the Service sector and in the small-scale business enterprises
(2) Limited Liability Partnership means for paying the debts of the firm only the assets of the business will be utilized and not the personal properties.

(i) Duty to carry on business: Every partner has to carry on the business of the firm to the maximum advantage of all the partners.
(ii) Duty to be true: Every partner must be true, just and faithful to one another.
(iii) Duty to render true accounts: A partner is bound to keep and render true and full accounts of the partnership.
(iv) Duty to indemnify the firm: Every partner must indemnify the firm for any loss caused by his fraud or willful negligence in the conduct of the business
(v) Duty to share the loss: Every partner is bound to share the losses in the agreed ratio in the absence of an agreed ratio, it must be borne equally
(vi) Duty to Claim remuneration: No partner, including a managing partner, is entitled to any remuneration (salary or commission), for the work done by him, unless there is an agreement to the contrary