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What is Partnership Deed?
A Partnership Deed is a legal document that outlines the rules, responsibilities, and agreements between the partners in a business. It includes details like how profits will be shared, the roles of each partner, how decisions are made, and what happens if someone wants to leave the partnership. A partnership deed acts as a contract that outlines each partner's responsibilities and protects the business in case of disputes.
Important Sections of the Partnership Deed
A partnership deed is a document that outlines the key details and rules for how a partnership firm will operate. Here’s what it should include:
- The name and address of the partnership firm and its main business activity.
- The names and addresses of all partners involved.
- - Names and addresses of all partners.
- The amount each partner has contributed financially.
- The firm’s accounting period, such as the financial year.
- The start date of the partnership.
- Guidelines for managing the firm’s bank accounts.
- How profits and losses will be divided among partners.
- Interest rates on capital and loans.
- Information about the appointment of an auditor, if applicable.
- Any wages, commissions, or payments due to partners.
- The roles, responsibilities, and duties of each partner.
- Procedures for dealing with losses if a partner goes bankrupt.
- How accounts will be settled if the partnership ends.
- The method for resolving conflicts between partners.
- Rules for adding, retiring, or handling the death of a partner, and how the business should proceed.
Overall, the partnership deed details every aspect of the partners' relationship and business operations.
Various partnership deeds and their features
General Partnership (GP)
A general partnership is easy to set up. You don’t need to file anything with the state, and the partnership is created as soon as you start doing business together.re fewer ongoing requirements running a general partnership is cost-effective since there are no fees for formation, state, or franchise taxes. However, you still need to get a business license and any required permits. Additionally, there are fewer ongoing obligations, such as not having to hold annual meetings.
Limited Partnership (LP)
In a general partnership, all partners are fully responsible for any business debts. In a limited partnership, at least one partner (the general partner) has full responsibility for the business, while the other partners (limited partners) only risk losing the money they’ve invested. Limited partners are not involved in running the business, which is managed by the general partner. Limited partnerships are often used for specific projects, like making movies, real estate deals, or managing family estates.
limited liability partnership (LLP)
Certain professional businesses, like law firms, accounting firms, medical practices, and architectural firms, can form a type of business structure called a Limited Liability Partnership (LLP).
An LLP helps protect the personal assets of the partners, meaning their personal belongings can’t be used to pay off business debts. However, if a partner is personally responsible for something wrong, like malpractice, the LLP won’t protect them from those personal liabilities.
Process of Drafting Partnership Deed
1
Fill the Form & Make the Payment
2
Get a Call from Expert Legal Team
3
Lawyer Will Get All the Necessary Information from You
4
Draft Will Be Created by the Expert Team of Lawyers
5
Deed Will Be Sent to You for Approval
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After Approval You Will Be Able to Download the Deed 👍
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This legal firm is great at drafting partnership deeds. They create clear and complete documents that cover everything needed for a smooth partnership setup.
The firm provides professional and quick partnership deed drafting. Their work clearly outlines all partnership details and ensures everything is legally correct.
Here are some things to include:
- The name of the firm
- Names and details of all partners
- The date the business started and how long it has been running
- The amount of capital each partner contributed and the interest on that capital
- The profit-sharing ratio and how much each partner can borrow
- Name and address of the firm and its partners
- Type of business to be done
- The date the business started
- The duration of the partnership (whether for a fixed time or a specific project)
- How much capital each partner contributed and how profits will be shared
A partnership agreement doesn’t need to be registered with the court because it’s just an agreement between the partners. However, a partnership deed is registered with the court and serves as a formal written agreement between the partners.
A partnership deed is like the rulebook for a partnership firm. Just as companies have a memorandum and articles of association, partnerships have a partnership deed. It’s a legal document that outlines everything about the partnership, including the business's nature, purpose, start date, and other important details.
The Indian Partnership Act, 1932, regulates partnership firms. It defines a partnership as a relationship between people who agree to share the profits of a business that is run by one or more of them on behalf of all.
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