Partnership Agreement
Mahesh
(Querist) 13 June 2011
This query is : Resolved
There are two partners want to be form partnership firm in Mumbai. Kindly suggest me the partnership deed format i.e, it should be on letter head on firm or on the stamp paper. if is on stamp paper it should be notary attested or not & amount of stamp paper.
PALNITKAR V.V.
(Expert) 13 June 2011
It is difficult to give a general format because the terms of the agreement have to mentioned in the deed. But it should be on stamp paper. It is better to register it. If you do not want to register, get notarised.
prabhakar singh
(Expert) 13 June 2011
DEAR! AN AGREEMENT,BE IT A PARTNERSHIP OR SOME OTHER, IS DRAFTED WITH VERY INDIVIDUALITY ATTACHED TO IT,THERE CAN BE RISK IF YOU USE A GENERAL FORMAT.
A PARTNERSHIP DEED SHOULD BE DRAFTED ON STAMP PAPER AND IF NO AMOUNT OF CAPITAL CONTRIBUTION IS SHOWN THEN A FIXED STAMP DUTY IS GENERALLY PAYABLE WHICH MAY VARY FROM STATE TO STATE.THE REGISTRATION OF VERY DEED IS OPTIONAL,EVEN NOTARIZATION IS OPTIONAL.NOT ONLY THAT EVEN REGISTRATION WITH REGISTRAR OF FIRMS IS OPTIONAL.MAKE IT SURE BUT THAT EITHER YOU GO FOR ITS NOTARIZATION OR REGISTRATION OR EVEN NONE OF THESE,THERE WILL NO PROBLEM.
BUT IN CASE YOU OPT NOT TO GET THE FIRM REGISTERED WITH THE REGISTRAR OF FIRMS .LAW WILL PUT A BAR OF SUIT UP ON THE FIRM AS WELL AS ON ITS PARTNERS.SO I OPINE THAT A FIRM SHOULD ALWAYS GET REGISTERED WITH REGISTRAR OF FIRMS WHICH IS THE ONLY LEGAL PROOF OF CONSTITUTION OF FIRM AND ITS PARTNERS(SEE SECTION 69 OF PARTNERSHIP ACT)
M V Gupta
(Expert) 14 June 2011
Better get the Partnership deed drafted by your lawyer. He will discuss with u the various aspects of ur business and draft a suitable document setting out the mutual obligations of the partners and the powers to be exercised by each of the partner in conducting the business et.
