A partnership firm is a collaborative business structure where two or more individuals come together to establish and operate a business entity. This type of business arrangement is governed by a legal document known as a Partnership Deed, which outlines the terms and conditions of the partnership. Partnerships are characterized by shared profits, losses, responsibilities, and liabilities among the partners. Each partner contributes resources such as capital, skills, or labor to the partnership, and the profits and losses are distributed according to the terms set forth in the Partnership Deed.

At its core, solo entrepreneurship embodies autonomy and self-reliance. Without partners or employees, decision-making rests solely on the shoulders of the solopreneur, granting unparalleled freedom in steering the business towards their vision. This autonomy extends to flexible work arrangements, allowing solopreneurs to craft their schedules and work environments to suit their preferences.