Features of a partnership firm: 

i. Risk bearing: The risk associated with the fluctuations in the firm’s profits is borne jointly by the partners. 

ii. Decision making and control: In a partnership firm, decisions are jointly taken by the partners. Also, the operations are controlled jointly by the partners. 

iii. Unlimited liability: In a partnership firm, all the partners have unlimited liability. That is, all the partners are liable for the debts of the firm to an unlimited extent. 

iv. Agreement: A partnership requires an agreement (either oral or written) between two or more partners. 

v. Number of members: In a partnership firm, the minimum and maximum numbers of members are 2 and 20, respectively. However, for a banking business, the maximum number of members is 10. 

vi. Continuity: According to the Partnership Act, the death, lunacy, insolvency or insanity of any of the partners ends the partnership. 

The following are the five features of a partnership firm: 

i. Easy formation: A partnership firm requires an agreement (oral or written) among the members on the share of profits and losses. 

ii. Unlimited liability: In a partnership, all partners have unlimited liability. That is, all partners are liable for the debts of the firm to an unlimited extent. 

iii. Risk bearing: The risk associated with the fluctuations in the firm’s profits is borne jointly by the partners. This reduces the burden on each partner. 

iv. Sharing of decision making and control: In a partnership firm, the decision making and control are jointly shared by the partners. 

v. Number of members: In a partnership business, the minimum number of members is 2 and the maximum number of members is 20. However, for a banking business, the maximum number of members is 10.