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A Partnership Deed is a legal document that lays down the agreed upon terms and conditions of a partnership among the partners.
A partnership agreement may define the below mentioned points among many others.
- Profit & Loss sharing
- Interest on Capital
- Admission of a new partner
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Contents of a Partnership Deed
Who can enter a partnership deed?
All the registered partners of a business should duly sign the deed created on a judicial stamp paper obtained from the respective State Registrar Office.
Why is it important to register a partnership?
In case of a breach of contract or any conflict of interest, a partner would not be able to take up any legal action if the partnership is unregistered.
Is is necessary for the partnership deed to be notarised?
Yes, it is essential for the partnership agreement to be notarised so as to have a legal binding power with which any disputes can be defended in the court of law.
What is the maximum number of partners that a partnership firm can have?
If there are more than 20 partners, then it needs to be registered as a company.
What is partnership at will?
If the partnership deed neither lays any provision for the duration of the partnership nor conditions for the termination of partnership, it is a partnership at will.