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- PARTNERSHIP DEED
Description
Partnership Deed
This is a "Readymade Format for Partnership Deed".
Legally required caluses are already in agreement Format in addition to, if is required, then you can add or remove the conditions.
A Partnership Deed is a legal document that outlines the terms and conditions of a partnership between two or more individuals or businesses. It is a contract that sets out the rights, responsibilities and obligations of each partner, including the capital contributions of each partner, the profits and losses, the management and control of the partnership, and the procedures for dissolution of the partnership.
The partnership deed is a written agreement that is usually executed at the time of formation of the partnership and it contains the basic rules and regulations of the partnership. It generally includes the name of partnership firm, nature of business, name and address of partners, their capital contributions, profit and loss sharing ratio, rights and duties of partners, arbitration clause, and dissolution clauses.
It is also known as Partnership Agreement. And it is important to have a partnership deed in place as it helps to establish clear lines of authority, responsibility and liability among the partners, and it helps to avoid disputes and misunderstandings in the future.
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What is a partnership deed?
A partnership deed is a written legal document that is made between two individuals with the intent of doing business together. This is also called a partnership agreement. This deed requires a clear understanding among the parties with various policies governing their partnership. The registered partnership deed contains various terms such as profit/loss sharing, interest on capital investment, salary, drawings, admission of a new partner, etc.
This agreement has a specific partnership deed format that helps to resolve any conflict that arises between the partners concerning the business norms. The main purpose of a deed is to give a clear perceptive of partner roles ensuring the smooth running of the functions of the firm.
What are the documents required for registration of a partnership firm?
These are the few documents required for registration of a partnership firm are:
- Certified original copy of business partnership deed
- Both partner’s documents such as PAN card, Aadhar card or driving license
- Proof of address of the partnership firm in the form of a rent agreement and utility bills of gas, landline or electricity bill.
- GST registration and specimen of certified affidavit of all the details mentioned.
- Filled application for registration of partnership firm.
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What is the importance and how this agreement can be used by partners?
A partnership deed defines the clear position of the firm partners. Here are some of the importance of a partnership deed:
- In the partnership, deed template customers will find the terms that regulate the rights, liabilities and duties of all partners.
- It elevates misunderstandings between the partners of the firm because it contains all the terms and conditions of the partnership deed to settle disputes.
- With this specific registered partnership deed, there will be no confusion between the partners of the firm regarding the share of profit and loss ratio.
- It also contains the role of each partner and also the compensation that is to be paid to partners to avoid any argument or uncertainty.
- As per Section 40 of the Indian Partnership Act 1932 a dissolution deed of a partnership firm can be written with the consent of all the partners.
How to write a partnership deed for a firm?
A partnership deed is written with basic information such as:
- The partnership deed format includes the name and address of the firm and the partners as well.
- Nature of business of the firm along with the date of business commencement.
- Duration of partnership with a capital contribution of all partners.
- Registration of partnership deed also contains profit and loss sharing ratio among the partners.
