Partnership Deed

WHENEVER ANY TWO OR MORE PERSONS WANT TO START THEIR BUSINESS THEY CAN CHOOSE PARTNERSHIP AS A BEST WAY TO START THEIR BUSINESS BY WHICH THEY CAN EARN PROFITS OR  LOSSES AND SHARE THAT IN AN AGREED MANNER.

VERBALLY OR ORALLY YOU CAN COME IN PARTNERSHIP WITH ANY KNOWN FAMILY MEMBERS / FRIENDS BUT A WRITTEN PARTNERSHIP DEED INSTRUMENT HELP YOU TO AVOID ALL UNNECESSARY DILEMMA IN FUTURE.

DEED OF PARTNERSHIP IS NOTHING IT IS JUST A LEGAL  WRITTEN AGREEMENT BETWEEN PARTNERS WHICH BIND THEM TO DO BUSINESS IN A PROFESSIONAL MANNER WITHOUT HARMING EACH OTHER AT PERSONAL OR PROFESSIONAL LEVEL.

IT IS NOT ALWAYS MANDATORY TO MAKE A  WRITTEN PARTNERSHIP DEED FOR MAKING PARTNERSHIP . BUT FOR SAFER SIDE A WRITTEN PARTNERSHIP DEED IS A BOON AGAINST ANY UNNECESSARY ARGUMENTS , PERSONAL LIABILITY,MISUNDERSTANDINGS,ETC.

FOR ACTIVELY ENCOURAGING THE PARTNERS MUTUAL UNDERSTANDING AND AVOIDING LACK OF TRUST A PARTNERSHIP DEED IS MUST FOR PARTNERSHIP FIRM.

WHEN PARTNERSHIP DEED IS REGISTERED BY ITS OWN NAME  IT IS CALLED PARTNERSHIP FIRM.

CONTENT OF PARTNERSHIP DEED:-

  • NAME OF PROPOSED PARTNERSHIP FIRM
  • DESCRIPTION OF PARTNERS.
  • DATE AND PLACE OF EXECUTION
  • IT SHOULD BE MADE ON PROPER STAMP PAPER AND MUST BE NOTRISED
  • DETAILS OF BUSINESS ACTIVITY
  • CLAUSE FOR ANY UNAVOIDABLE FUTURE DISPUTE SOLUTION
  • PROFIT AND LOSS SHARING RATION
  • CONTRIBUTION OF EACH PARTNERS
  • MODIFICATION CLAUSE
  • FIRM REGISTERED OFFICE AND IF ANY OTHER BRANCH ALSO
  • CLAUSE FOR ACCOUNTS AND OTHER IMPORTANT DOCUMENTS PREPARATION.

 

BENEFITS OF PARTNERSHIP DEED:-

 

  • ELIGIBLE FOR PAN IN NAME OF PARTNERSHIP FIRM
  • ELIGIBLE FOR TAKING VARIOUS GOVERNMENT LICENCE IN THE NAME OF PARTNERSHIP FIRM AS A SEPARATE ENTITY.
  • LIABILITY OF PARTNERSHIP IS DIVIDED BETWEEN PARTNERS SO NO BURDEN ON SINGLE PERSON ALONE.
  • ELIGIBLE FOR OPENING AN ACCOUNT IN NAME OF PARTNERSHIP FIRM.
  • BANKS CAN EASILY PROVIDE LOAN FACILITY TO PARTNERSHIP FIRM
  • CREDITORS AND CUSTOMERS CAN EASILY RELY IF PARTNERSHIP FIRM IS REGISTERED.
  • PARTNERS CAN SUE EACH OTHER OR THIRD PARTY IN CASE OF ANY DISPUTE IN COURT.

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