Partnership Deed

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About Partnership Deed

Partnership deed which is also known as partnership Agreement or Partnership Deed Agreement which 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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Partnership is a legal document that serves as proof between the partners if there is any disagreement or conflict that develops between the partners about the partnership rules is resolved with the aid of the partnership deed.
A Partnership Deed is to guarantee that each partner has a clear grasp of their responsibilities with no confusion, which will lead to the firm's operations working smoothly.

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.

The Partnership Deed Stamp Duty depends upon the requirement of the Partners and States. There are some States where all denominations of Stamp Duty are not authorized by the Government For example, in Haryana state only the 101 and above denomination of Stamp duty is used.

A contract between the partners or a majority vote from all of the partners may end a partnership firm.

There are four types of Partnership Deed. Those are as follows:

  1. 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.
  2. 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.
  3. 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.
  4. General Partnership: Each Partner has an equal share of the burden of fulfilling the company's obligations.
According to the Indian Partnership Act of 1932, a partnership firm does not need to be registered because it is not a separate legal entity. But we would recommend getting your Partnership Deed registered since getting it registered will only give more authenticity and power.
A Deed may be amended whenever desired with the consent of all parties but if any of the partners are not agreeing then it would be difficult to get it modified.
Yes, having the partnership deed notarized makes the partnership agreement a formal document that may be defended in court if there are ever any disputes between the partners.
Yes, a Partnership deed can be signed digitally and it will be as legally valid as physical signatured Partnership Deed.
In case of absence of Partnership deed, All the partners will not be getting any salary. Instead, profits and losses will be equally divided between them.
Yes, Partnership deed can be cancelled by surrendering the business license and registration.
Partnership Agreement is not registered in the court, it is an agreement between the partners whereas a Partnership Deed is a written agreement between the partners which gets registered in the court.
It is recommended that the partnership deed should be notarized from the same state where is partnership firm is registered.