Download the Partnership Deed Format in English. To start a business with partners, a Partnership deed is required. Anyone who wants a Partnership Deed Format can visit the Fin Updates website to download the format. Download Partnership Deed Format in Document/Word/PDF Format. Through this article, you will get the information of Partnership Deed Format, Download Formats, Documents Required, etc. Continue reading the below article to know more about Partnership Deed Format.
Useful Links :
- Request for Promotion Letter Format in Doc/PDF – Download Now
- Emergency Leave Letter Formats with Examples – PDC/Word/PDF
- Paternity Leave Application Letter Formats in Doc/PDF/Word
Content in this Page
|Letter Samples||Available Now|
|Download Format||DOC/Word/ PDF|
What is a Partnership Deed?
A Partnership Agreement is an agreement between two or more individuals who would like to start a business together and make a profit. A Partnership deed can be written in oral, an agreement. A Partnership Deed describes the rights and responsibilities of all the parties to a business operation. It is designed to guide the partners for conducting the business.
Contents of Partnership Deed
Here are the list of contents in Partnership Deed :
- THE SELECTED NAME OF THE PARTNERSHIP FIRM *note that this name shall not contain the terms such as “company” or “private company” in it.
- Nature of Business
- Date of Commencement
- Contribution of Capital by Each Partner.
- Ratio of Profit-Sharing.
- Salary of Partner(if any)
- Term of Retirement, Expulsion of Partner, and Death of Partners.
- Daily Functions of Firm and Partners.
- Provisions of Maintaining Financial Account and Audit.
- Procedure For Voluntary and Forced Dissolution of Firm.
- Dispute Resolution Guidelines.
- Terms of Confidentiality.
- Terms Relating to IPR.
Other Names for Partnership Deed Form
The following are the other names for the Partnership Form. Have a glance over it :
- Articles of Partnership
- Business Partnership Agreement
- Creation of Partnership Agreement
- Formation of a Partnership Agreement
- General Partnership Agreement
Download Partnership Deed Format
Here we have given the Partnership Deed in Document/Word/PDF Formats. Download the Partnership Deed in various formats by the links given below :
|Partnership Deed Formats||Download Link|
Why the Partnership Deed is required?
A Partnership Deed is needed for the rights, responsibilities, and duties of all the parties to a business operation. A Partnership Deed protects all the partners in case if any one of the partner dies, or in the event of a dispute, a sale to a new partner or even in the event of dissolution of the business. A Partnership Deed spells out who exactly owns what percentage of business/share.
Documents required for Partnership Deed
- There are no specific documents required for a Partnership Deed.
- ID proofs of the partners in order to confirm the names and permanent addresses of the parties.
- Properties/Business Documents.
- Bonafide Documents regarding the shares of the Partners.
How can a Lawyer Help?
Hiring a good lawyer is the first thing to be done for drafting a Partnership Deed. A lawyer can only draft a Partnership Deed since he/she has the legal knowledge and experience in handling such documents. A documentation lawyer is aware of good drafting techniques and the clauses that must be included in your agreement. Hiring a good lawyer in order to draft such important legal documents will help you in more ways.
Partnership Deed Format
The Partnership Deed Format will be as follows :
|THIS DEED OF PARTNERSHIP is executed at ____ on this ____|
Sh. X S/o _____ R/o____, hereinafter called „THE FIRST PARTYâ€Ÿ which expression shall mean and include his heirs, successors, executors and legal representatives.
Sh. Y S/o Sh. ____ R/o ______, hereinafter called „THE SECOND PARTYâ€Ÿ which expression shall mean and include his heirs, successors, executors and legal representatives.
WHEREAS the First Party is in occupation as a tenant of property measuring 1000 sq. ft. at ___________.
AND WHEREAS the First Party is desirous of carrying on the business of interior decoration and the Second Party, being experienced in this trade, has approached the First Party to run this business with him jointly in partnership.
AND WHEREAS the parties have agreed to commence and run the business of interior decoration, furnishing, manufacture and sale of furnishing, manufacture and sale of furniture, soft furnishing and accessories in partnership.
NOW, THEREFORE, THIS DEED WITNESSES AS UNDER:
i) First Party – 51% ii) Second Party – 49%
6. The initial capital has been contributed by both the parties by investing a sum of Rs. 15,000/- each. If and when more funds are required for the business, the partners shall invest the same. However, any capital investment of the partners shall not carry any interest. In case loans or deposits are raised from outside i.e. friends and relations of the partner or the financial institutions then only those loans or deposits, which are taken with the written consent of both the partners and are entered in the books of accounts of the partnership, shall be binding on the firm. The partnership shall maintain regular books of accounts in accordance with the customs of trade and all dealings of the partnership shall be duly recorded in the same. The account books etc. shall be maintained in the place of business at _______.
7. Each of the partners shall be entitled to withdraw a sum of Rs. 2000/- every month which shall be adjustable in the final profit and loss account to be prepared every year.
8. The First Party shall also be entitled to withdraw a sum of Rs. 5000/- per month towards the rent he is paying to the Landlord in respect of the portion of property No._______
9. The tenancy rights in respect of property No. _____ shall always vest in the First Party and whenever the partnership is dissolved for any reason whatsoever, the Second Party shall not be entitled to any right, title or interest in the same.
10. That the partnership shall maintain proper books of accounts in the normal course of business at the principal place of its business and the same shall always be open for inspection to the partners.
11. That the first accounting period of the partnership shall close on _____ and thereafter the financial year, shall run from ____ every year to ___ of the subsequent of the English calendar.
12. That the bank accounts of the partnership and / or its branches shall be operated under the signatures of any of the partners.
13. That at the close of the accounting period/year, a trial balance, profit and loss account, and balance sheet, etc. shall be prepared and the profit and loss in the ratio enumerated above shall be credited/debited to the capital account of the partners.
14. That either of the parties would not be entitled to carry on similar or competitive trade individually or in partnership and in any other manner.
15. The partnership shall be at Will. However, whenever any party intends to dissolve the same or retire from the same, he shall give advance notice of 15 days to the other party and during the period of notice, profit and loss account, balance sheets shall be completed to finalize the accounts in between as partiers as well as with the outsiders.
16. That in the event of any dispute arising between the partnership with respect to any clause of this document or the working of the partnership or for anything indicated thereof, the same shall be decided by arbitration in accordance with the provisions of the Arbitration Act and by no other process.
17. That in all other matters not provided herein, the partnership shall be governed by the Indian Partnership Act as applicable from time to time.
IN WITNESS WHEREOF the parties have signed this document on the date first above written in presence of the following witnesses.
WITNESSES (1) (2)
Hope this article, is useful to the people who have been searching for Partnership Deed Format 2020. Through our post, you can get the Download in DOC/Word/PDF Formats. Share this article with your friends. Subscribe, to get the latest notifications as soon as updated.