Question
A partnership deed should contain which details?
✓
Answer
Partnership deed generally contains the following:
- Name of the firm.
- Nature of the business.
- Name of the partners.
- Place of the business.
- Amount of capital to be contributed by each partner.
- Profit sharing ratio between the partners.
- Loans and advances from the partners.
- Drawings allowed to the partners and the rate of interest there on.
- Amount of salary and commission, if any, payable to the partners.
- Duties, powers and obligation of partners.
- Maintenance of accounts and arrangement for their audits.
- Mode of evaluation of goodwill in the event of admission, retirement and death of a partner.
- Settlement of accounts in case of dissolution.
- Arbitration procedure in case of dispute.
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