When two or more person wishes to commence a business, the simplest form of business entity available is Partnership firm. Partnership firm structure is generally selected for cases where otherwise would have gone for proprietorship but two or more persons are involved in the business. The registration process for partnership starts with executing a partnership deed on a stamp paper and registering the same with the Registrar of Firms. As per the Indian partnership act, 1932 registration of partnership deed with the registrar of firms is optional, but banks generally insist on the registration in order to open the bank accounts.