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Partnership Deed
Partnership Deed is a written Partnership Agreement. It is basically made when two or more people want to start a new business they come together under the mutual understanding with the only purpose to do business and share profits & losses in the decided manner.
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Partnership Deed
What is meant by Partnership deed?
Partnership Deed is a written Partnership Agreement. It is basically made when two or more people want to start a new business they come together under the mutual understanding with the only purpose to do business and share profits & losses in the decided manner.
If one needs to understand the partnership deed, before that he/she needs to know how does the partnership deed come into existence. When two or more people want to start a new business & to share the profits & losses they come together to form a partnership such written agreement is known as ‘Partnership Deed’. One can also call it is a ‘Partnership Agreement’. And when such business gets registered by its own name the same is called as a ‘Partnership Firm’.
Partnership Deed
Key factors
01.
Number of Members:
In a Partnership, there is a minimum requirement for two members. Previously there was a limitation on the number of partners as follows:
a. Banking business-Less than or equal to ten
b. Non-Banking business- Less than or equal to twenty.
If there are more partners than the given above then it becomes illegal to continue the business of the partnership.
02.
Minimum Capital Requirement:
There's no limitation on the requirement of capital at the beginning of the business. Partners can start of the business with as much as minimum capital they want. The calculation of stamp duty also depends on the amount of capital which has been put by partners.
03.
The name should be different:
While deciding a name for the firm the care has been taken that it should not indicate any undesirable intention, it should be simple & easy.
Founder's Agreement
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What are the Key factors and important clauses and content to maintain the partnership deed?
Any standardized partnership deed format should have the following clauses which are important from the firm point of view:
Names and Addresses of the firm and its main business
Names and Addresses of all partners
A contribution of the amount of capital by each partner;
The accounting period of the firm
The date of commencement of partnership
Rules regarding an operation of Bank Accounts
Profit and Loss sharing ratio
The rate of interest on capital, loan, drawings, etc
The date of commencement of partnership
Rules regarding an operation of Bank Accounts
Profit and Loss sharing ratio
The rate of interest on capital, loan, drawings, etc
Mode of auditor's appointment, if any
Salaries, Commission, etc., if payable to any partner
Settlement of accounts on the dissolution of the firm
Rules to be followed in case of admission, retirement, the death of a partner
As such there is no such standardized format of Partnership Deed, all the relevant topics should get covered in the partnership deed & same should be signed by all the partners.
Process
Application for Registration of Partnership in Form No
Duly filled specimen of Affidavit.
Certified True Copy of the Partnership Deed.
Ownership proof of the principal place of business or rental/lease agreement thereof.
Payroll Maintenance
FAQ
Partnership means when two or more person is coming together to start a business with an intention to share profits & losses it is said to be a ‘Partnership’. & the business which was run by them under the name of the registered firm is called as ‘Partnership Firm’. The people coming together to form a partnership is called ‘partners’.
A Partnership Deed is a written instrument made between two or more person who is obliged to carry on the business under the name of partnership firm. It is the most important document which conveys the terms & conditions of the firm. It also mentions the duties, rights, liabilities & other business related details. This is the document on which all the functions of the business among all the partners have been decided.
As per The old Companies Act,1956 there was a limitation on the maximum number of the member that is for banking business it's 10 & for non-banking business its 20.
The deed was made with the intention of setting out the clear business intention & role of partners & to express the business requirements in a precise form on the paper. As the written document is more valid than the oral one.
Registration is optional for partnership, but it is always advisable to register the partnership firm. The reason behind registration is simple that registered partnership firms enjoy some more rights than unregistered firms.One should note that registration with the Income Tax Department is different than registration of firms with Registrar of Firms. Registration for income tax in anyhow mandatory for all the firms.
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