Partnership Deed
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About Partnership Deed
Partnership deed which is also known as partnership Agreement is a legal agreement between two or more partners of a firm/organization that clearly outlines the terms and conditions along with roles and responsibilities of partners.
The main perpose of creating a partnership deed is provide the clear understanding between all the partners about their roles, profit/loss sharing, salary, interest on capital, etc. In India, Genrally all partnership firms are genral partnerships. Partnership Deed basically represents the trust and authenticity partners have for each other when they join hands in any money-making strategy. It defines the roles & responsibilities each partner would have till the Agreement is in action. This Agreement includes more than two partners.
This Agreement includes the clauses on which all the partners have agreed before putting it into action. The clauses related to Profit and Losses, Salaries paid to the partners, Total Capital involved & interest on it.
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The following is a list of what a partnership deed contains:
- The firm's name will be decided by all of the partners.
- Names and contact information for each firm partner.
- The start date of the company.
- Existence of the company.
- Capital contribution made by each partner.
- Ratio of how partners split profits.
- Duties, responsibilities, and authority of each firm partner.
- The partners' remuneration, including any required commission.
- The procedure for accepting or leaving a partner.
- The approach taken to arrive at goodwill.
- The process that must be followed when a partner disputes something.
- The steps to take if one of the partners becomes insolvent.
- Account settlement procedures in the event of a firm's demise.
There are four types of Partnership Deed. Those are as follows:
- Partners at will: A partner is free to choose how long they wish to participate in the Deed and are free to end it on mutual understanding.
- Particular Partnership: This kind of partnership is created for a specific purpose, and it automatically dissolves once the project is over.These alliances are frequently fleeting.
- Limited Partnership: All other partners in this partnership, with the exception of one who bears full responsibility, have limited liability, and the partnership continues even in the event that one or more of the partners dies or files for bankruptcy.
General Partnership: Each Partner has an equal share of the burden of fulfilling the company's obligations.