Before I state any two contents of the partnership deed, let me explain what is partnership and a partnership deed. A partnership is a special form of business in which partners work together to achieve common goals. The document which contains the respective obligations and rights of the members of a partnership is known as a partnership deed. It should be signed by all the partners and stamped as per the Indian Stamp Act.
I suggest you file a copy of the deed with the Registrar of Firms at the time of registration. It is recommended as without registration, no partner can enforce the obligations right laid down in the partnership deed through the court of law. Now, let me state the contents of partnership deed:
Contents of a Partnership DeedEven though there is not any particular format set for drafting a partnership deed, a deed usually contains the following clauses:
Firm’s name
Name and details of every partner
Date of commencement of partnership
Duration of the existence of the firm
Contribution of capital of every partner
Loss/Profit sharing ratio
Interest on capital payable to partners
Salary payable to partners, if any
Policy related to partner’s drawings
The procedure regarding the retirement or admission of a partner
The method used for the calculation of the goodwill
Preparation of firm’s accounts
Rules to be followed in case of a death of a partner
Procedure to be followed in case of a dispute
I think these answers might be helpful to you:
What is partnership deed? How to register partnership deed? How to make partnership deed?I hope now you know what do you mean by partnership deed state its main contents.
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What do you mean by partnership deed state its main contents?
Nayan
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2021-09-20T17:03:36+00:00 2021-09-20T18:15:16+00:00Comment
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