1. Registered Partnership Firm

A registered partnership firm is officially recorded under the Indian Partnership Act, 1932.

• Registration is done with the Registrar of Firms in the respective state.
  
• A partnership deed is submitted along with prescribed forms and fees.
  
• The firm receives a Certificate of Registration upon approval.
  
• Registered firms have legal standing to sue and be sued.
  
• They enjoy additional legal protections and operational benefits.

2. Unregistered Partnership Firm

An unregistered partnership firm operates without formal registration.

• It is legally valid and allowed to carry on business activities.
  
• There is no requirement to file documents with the Registrar.
  
• Such firms cannot file a suit in court against third parties.
  
• They face limitations in enforcing partner rights legally.
  
• Despite restrictions, many small firms choose this form for ease.

3. General Partnership

This is the most common type of partnership in India.

• All partners share equal or agreed-upon responsibility for business activities.
  
• Liability of each partner is unlimited and joint.
  
• Every partner can act on behalf of the firm.
  
• Losses and profits are shared according to the deed or agreement.
  
• There is no distinction between management and ownership.

4. Limited Partnership

Though not commonly used under traditional laws, it is similar to general partnerships but with restrictions.

• Some partners may have limited liability up to their capital contribution.
  
• Not all partners participate in management.
  
• It requires specific terms in the partnership deed.
  
• The structure helps protect passive investors.
  
• The concept is mostly replaced in practice by LLPs.

5. Partnership at Will

This form is based on an open-ended agreement with no fixed duration.

• There is no specific term for the partnership’s existence.
  
• It can be dissolved at any time by giving notice to the other partners.
  
• No clauses in the deed fix the period or specific end condition.
  
• This form offers maximum flexibility to the partners.
  

It is suitable when long-term commitment is uncertain.