Partnership firm :
It may be surprising but true that a Partnership Firm is not a legal entity. It has limited identity for purpose of tax law.
A partnership firm is not a ‘body corporate’. It is treated as having separate entity only for limited purposes e.g. for taxation and filing of suits.
“Partnership” is the relation between persons who have agreed to share the profits of business carried on by all or any to them acting for all. – – Persons who have entered into partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm name”. [section 4 of Partnership Act].