A private company in India must have a minimum paid-up capital of one lakh rupees and restrict the transfer of shares, limit membership to 200 people excluding employees, prohibit public subscription of shares/debentures, and prohibit deposits from non-members. A public company does not have these restrictions. A partnership under Indian law is defined as the relation between persons who agree to share the profits of a business carried on by all or any acting for all. The essential elements are a contract between two or more persons to carry on business with the aim of profit-sharing, with the business conducted by all or any acting for all. Partnerships can be at-will, where no duration is fixed, or particular