Partnership Deed
A partnership agreement put to writing and is termed as partnership deed. Before starting of the business the partners are drafting the deed in proper manner so that the business may run smoothly by and if there is any dispute the same may be settled according to the terms of partnership deed. What should be the exact contents, it depends on the circumstances but generally the partnership deed must contain the following clauses
1. Name and address of the firm and nature of business to be carried on.
2. Name and address of the partners
3. Date of commencement and duration of partnership
4. The capital and any other contribution made by partners
5. The ratio to share profit and losses amongst the partners.
6. Rules as to interest on loans and capital, their salary, commission, etc.
7. Method and arrangement of keeping accounts
8. Division of task and obligation of partners
9. Rules to be followed in case of admission, expulsion /
10. retirement
11. or death of a partner.
12. Whether a partner is allowed to carry competing business.
13. The circumstances under which the partnership will stand dissolved.
14. In case of dispute which course of action shall be followed e.g. Court, arbitration etc.
A partnership agreement put to writing and is termed as partnership deed. Before starting of the business the partners are drafting the deed in proper manner so that the business may run smoothly by and if there is any dispute the same may be settled according to the terms of partnership deed. What should be the exact contents, it depends on the circumstances but generally the partnership deed must contain the following clauses
1. Name and address of the firm and nature of business to be carried on.
2. Name and address of the partners
3. Date of commencement and duration of partnership
4. The capital and any other contribution made by partners
5. The ratio to share profit and losses amongst the partners.
6. Rules as to interest on loans and capital, their salary, commission, etc.
7. Method and arrangement of keeping accounts
8. Division of task and obligation of partners
9. Rules to be followed in case of admission, expulsion /
10. retirement
11. or death of a partner.
12. Whether a partner is allowed to carry competing business.
13. The circumstances under which the partnership will stand dissolved.
14. In case of dispute which course of action shall be followed e.g. Court, arbitration etc.
Specific clauses those a partneship deed must contain
![Specific clauses those a partneship deed must contain]()
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