Information

A partnership deed is a written legal document that contains the rights and responsibilities of all parties in a business operation in order to avoid unnecessary misunderstanding and conflict among the partners in the event of any disagreement. Partnership Deed must be duly signed by the partners, stamped and registered. Any alteration in partnership deed can be made with the mutual consent of all the partners. Although a partnership firm can be created without registration under the Indian Registration Act, 1908 but it is always advisable to register the partnership deed under the act for mutual benefit and to avoid legal repercussion and dispute. For any amendment in the original partnership deed, supplementary deed can be drafted & issued at the later date. CoKaCo is associated with renowned experts who provide our clients timely solution.

Contents of Partnership Deed :-

The partnership deed contains all the legal conditions of the partnership deed. A general partnership deed will contain the following information:-

  1. Date of Commencement
  2. Name of the firm
  3. Nature of the business
  4. Names of partners
  5. Place of the business i.e. addresses of main office or branch offices if any, where communication can be sent
  6. Amount of capital to be contributed by each partner
  7. Profit sharing ratio between the partners
  8. The duration of a partnership if it is a partnership for a specific purpose or time. If it is a partnership at will then no such duration will be mentioned
  9. Interest on contribution to be paid (must be according to the provisions of the Indian Partnership Act 1932) if any
  10. Loans and advances from the partners and the rate of interest thereon
  11. Drawings allowed to the partners and the rate of interest thereon
  12. Amount of salary, Remuneration and commission, if any, payable to the partners
  13. Duties, powers and obligations of partners
  14. Maintenance of accounts and arrangement for their audit
  15. Mode of valuation of goodwill in the event of admission, retirement and death of a partner
  16. Settlement of accounts in the case of dissolution of the firm
  17. Arbitration in case of disputes among the partners
  18. Arrangements in case a partner becomes insolvent
  19. Terms and conditions of the retirement or expulsion of a partner, and the terms to continue the partnership after such an incident

General clause to be addressed in an NDA includes :-

  • Helps in avoiding conflicts among partners
  • Legally Binding
  • Written Record and Permanent document
  • Easy solution to the problems
  • Can be presented to the bank, insurance, govt. offices, and third parties by the demand of time

When should you use non-disclosure agreements ?

  1. Clarify the Nature of the Partnership
  2. Assignment of Management Duties
  3. Avoid Unwanted Dissolution
  4. Outline each partners’ level of liability
  5. Avoid Costly Legal Proceedings
Information

A partnership deed is a written legal document that contains the rights and responsibilities of all parties in a business operation in order to avoid unnecessary misunderstanding and conflict among the partners in the event of any disagreement. Partnership Deed must be duly signed by the partners, stamped and registered. Any alteration in partnership deed can be made with the mutual consent of all the partners. Although a partnership firm can be created without registration under the Indian Registration Act, 1908 but it is always advisable to register the partnership deed under the act for mutual benefit and to avoid legal repercussion and dispute. For any amendment in the original partnership deed, supplementary deed can be drafted & issued at the later date. CoKaCo is associated with renowned experts who provide our clients timely solution.

Contents of Partnership Deed :-

The partnership deed contains all the legal conditions of the partnership deed. A general partnership deed will contain the following information:-

  1. Date of Commencement
  2. Name of the firm
  3. Nature of the business
  4. Names of partners
  5. Place of the business i.e. addresses of main office or branch offices if any, where communication can be sent
  6. Amount of capital to be contributed by each partner
  7. Profit sharing ratio between the partners
  8. The duration of a partnership if it is a partnership for a specific purpose or time. If it is a partnership at will then no such duration will be mentioned
  9. Interest on contribution to be paid (must be according to the provisions of the Indian Partnership Act 1932) if any
  10. Loans and advances from the partners and the rate of interest thereon
  11. Drawings allowed to the partners and the rate of interest thereon
  12. Amount of salary, Remuneration and commission, if any, payable to the partners
  13. Duties, powers and obligations of partners
  14. Maintenance of accounts and arrangement for their audit
  15. Mode of valuation of goodwill in the event of admission, retirement and death of a partner
  16. Settlement of accounts in the case of dissolution of the firm
  17. Arbitration in case of disputes among the partners
  18. Arrangements in case a partner becomes insolvent
  19. Terms and conditions of the retirement or expulsion of a partner, and the terms to continue the partnership after such an incident
General clause to be addressed in an NDA includes :-
  • Helps in avoiding conflicts among partners
  • Legally Binding
  • Written Record and Permanent document
  • Easy solution to the problems
  • Can be presented to the bank, insurance, govt. offices, and third parties by the demand of time
When should you use non-disclosure agreements ?
  1. Clarify the Nature of the Partnership
  2. Assignment of Management Duties
  3. Avoid Unwanted Dissolution
  4. Outline each partners’ level of liability
  5. Avoid Costly Legal Proceedings