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what is agreement of partnership?

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subregistrar/supdt.(retired)

You have not to query full facts.  As per heading of your query, two or more persons may enter into partnership business.  In the partnership deed agreement, (1) the name and nature of partnership business, (2) place and address of business, (3)investment of partners (4) ratio of profit or loss, (4) commencement of business, etc.,  shall be noted.  It is an optional registerable document. The partnership deed shall be executed on stamp worth Rs.500/- maximum in most states.  But it is advised to register it before the Registrar of Firms. for other details consult a local CA.


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Hi 

Thank you for your question

Partnership Agreement- It is a contract between two or more business partners that is used to establish the responsibilities, and profit and loss distribution of each partner, as well as other rules about the general partnership, like withdrawls, capital contributions, and financial reporting.

Partnership Deed- It is awritten document which specifies the terms & conditions of that partnership(Along with basic informat). It is not necessary to have a deed but it is advisable to have one.

Hope this will help you

Best regards,

Akshay Gupta

 
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Retired employee.

Depending on Registration status duties and responsibilities may vary.  Please go through duties and responsibilities of partner, and on mutual relation and relations with outsiders in case of registered and unregistered firms.

 
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Agreement of Partnership, also known as a Partnership Deed, is a document that outlines in details the rights and responsibilities of all Partners who sign the deed to carry on the business to earn profit. The deed contains various general clauses along with the specific once, if required based on the Act.

The deed must be duly signed by the partners, stamped and notarised. Any alteration in partnership deed can be made with the mutual consent of all the partners. Each partnership agreement differs based on business objectives.

A deed of partnership will ensure that all parties know exactly what their responsibilities are within the partnership along with what their particular powers are with regard to the partnership. It helps the business and partners to know their responsibilities and rights.‚Äč

Below mentioned is the list of clauses in the partnership deed:

  1. Date of entering into the Agreement
  2. The name of the partnership firm
  3. The name and address of the partners respectively
  4. The nature of business activity of partnership firm
  5. The amount of capital contributed by each partner
  6. The profit sharing ratio among partners
  7. The amount of drawings that can be made by each partners
  8. Tenure of partnership
  9. The rights and duties of partners
  10. The interest to be allowed on capital and charged on drawings
  11. There should mention the name of the Partner who will be held responsible for management & day to day activity
  12. There should mention the period before which the notice can be given in case of Retirement of a partner
  13. The name of the person to whom the problem is to be referred as their Arbitrator and Jurisdiction City
  14. Settlement of amount on Dissolution of firm

You may contact LegalWiz.in for any further clarification. To make the process simple, affordable and hassle-free,

 
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