CA Success Path- Foundation: post #4086 — TG.ME

As per the provision of the Indian Partnership Act, 1932, a document which contains various terms and conditions related to the relationship of partners to each other is called a partnership deed. The information contained in a partnership deed is as follows: 1) Name of the partnership firm. 2) Name of all the partners. 3) Nature and place of the business of the firm. 4) Date of commencement of partnership. 5) Duration of the partnership firm. 6) Capital contribution of each partner. 7) The profit-sharing ratio of the partners. 8) Admission and retirement of a partner. 9) Rates of Interest on Capital, Drawings and Loans. 10) Provisions for settlement of accounts in the case of dissolution of the firm. 11) Provisions for salaries or commissions payable to the partners, If any. 12) Provisions for the expulsion of a partner in case of breach of duty or fraud Ms Lucy, while drafting the partnership deed to take care of few important points: i) The partnership agreement must be in writing. An oral partnership agreement is not a partnership deed. ii) The partnership deed contains various terms & conditions as to the relationship of the partners to each other. iii) The partnership comprises of immovable property, then the partnership deed must be in Writing, stamped & registered under Registration Act. iv) If the partnership comprises of no immovable property, then the partnership deed must be writing and Stamped according to the provisions of Stamp Act, 1899.