A guide to understanding Law firms:

What are law firms?A law firm is the one, where a group of lawyers, practicing law work collectively. There are various ways in which a law firm can be formed, such as, sole proprietorship, general proprietorship, Limited Liability Partnership (LLP) etc. Each is different in it's own way. In sole proprietorship, a single person can avail benefits of his work and will be burdened with losses. Whereas, in general proprietorship, profits and losses are divided among partners in the ratio decided.

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