The complexity and performance of the electronic components and systems is increasing and placing greater demands on compact packaging and interconnection technologies. Multilayer thick film technology is one of the important technologies adopted in the miniaturization of electronic systems. Normally only interconnections are made in the intermediate layers. The possibility of fabricating resistors along with interconnections in the intermediate layers using conventional thick film materials using co-firing process has been examined in this paper. Normally multilayer structures are fabricated by printing / drying / firing of each layer separately starting from the bottom most layer (sequential processing). In this process the bottom layers undergo sintering many times. To avoid many firing cycles and to save power and processing time, a study is taken up to examine the effects of co-firing on the multilayer structure with embedded resistors. The results of the study are presented in this paper.