Partnership Deed
Legal agreement between partners defining terms and conditions of a partnership business under the Indian Partnership Act, 1932.
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Instructions
1. Clearly define the firm name and nature of business.
2. Specify each partner's capital contribution precisely.
3. Define profit and loss sharing ratios (need not be same as capital ratio).
4. Include provisions for management, banking, and accounts.
5. Address retirement, death, and dissolution scenarios.
6. Get the deed notarized and register with Registrar of Firms.
7. Apply for PAN and GST registration for the firm.
Frequently Asked Questions
Is partnership deed registration mandatory?
No, but registration with Registrar of Firms provides legal benefits including the ability to file suits against third parties and enforce rights inter se.
Can profit sharing differ from capital contribution?
Yes, profit sharing ratio can be different from capital contribution ratio as per mutual agreement.
What happens if a partner dies?
As per the deed, the deceased partner's share is valued and paid to legal heirs. The firm may continue with remaining partners.
Can we add more partners later?
Yes, through a supplementary deed with unanimous consent of existing partners.
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