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Partnership Deed
Views : 477
A Deed where two parties have decided to carry on some business in the form of Partnership firm
Font Arial 11
Page Count 6
Word count 1938
Price: 199
1 Recitals
2 Term
3 Name, Style, & Nature of Business of Firm
4 Place of Business
5 Capital Contribution & Interest on Capital
6 Profit Sharing
7 Banking Account & Operation
8 Salary of Partners
9 Authority of Partners
10 Duties of Partners
11 Obligations
12 Borrowing from Partners or Financial Institutions
13 Books of Accounts & Audit
14 Admission of New Partner
15 Retirement of Partner
16 Dissolution of Partnership
17 Dispute Resolution
18 Miscellaneous Provisions

 

  1. This Partnership Deed has been drafted to cover the situation where two parties have decided to carry on some business in the form of Partnership firm.
  2. Kindly note this partnership cannot be terminated by “WILL”.
  3. This Deed covers the clauses which especially needs to be taken care of in this type of Deed like
    • Date of commencement of the Partnership firm;
    • Name, nature of the business, place of business, accounting period of the partnership firm;
    • Initial capital contribution by the partners and agrees to contribute more in future as the requirement of the business;
    • Profit and loss sharing;
    • With which bank account shall be opened and who shall operate such bank account;
    • Whether the partners shall be entitled to the salary;
    • Authority of the partners like open bank account, payment of salary to the employees, registration with government authority etc.;
    • Duties and obligations of the partners like work with bona fide intention, indemnify the firm for his/ her act, account for to the firm for the benefit derived without the consent of other partners etc.;
    • Time to time borrowing from banks and financial institutions in case of requirement of additional capital;
    • Admission and retirement of partner and dissolution of the partnership firms;
    • Resolution of the dispute.
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