Partnership Deed

Package

Drafting of Deed (Does not includes any registration). Inclusive of government fee & taxes

₹ 5000.00/-

₹ /-

Partnership Deed

What is a Partnership Deed?

Partnership Deed is a written Partnership Agreement. It is basically made when two or more people want to start a new business they come together under the mutual understanding with the only purpose to do business & share profits & losses in the decided manner.

 It is a written legal document to avoid unnecessary misunderstanding, harassment and unpleasantness among the partners in the event of any dispute. An instrument of partnership may be constituted by more than one document, meaning an amendment agreement can be added to a partnership deed at any time to change the terms of a Partnership Firm.

A Partnership Deed is mainly formed on the basis of the following five factors which are given as under:

  • A partnership deed is basically said to be a contract between the partners of the business. 
  • The minimum requirement for forming a partnership is two members.
  • All partners should have a mutual understanding for doing a business.
  • The ratio for profits & losses should be decided among all the partners well in advance.
  • All partners should maintain the relationship as a principal-agent. Every partner is answerable for the actions of other partners.

WHAT IS THE PROCESS OF DRAFTING A PARTNERSHIP DEED?
Step 1

Select Package

Select packages as per your choice and fill out the forms

Step 2

Comprehensive Agreement

(2-3 working days) We Will draft a comprehensive agreement based upon your selection and requirements.

Step 3

revision of Agreement

(2-3 working days) We Will provide you with a copy of the agreement for you to revise.

Step 4

Redrafting (if required)

(1-2 working days) Ig you still feel that there is something that can be modified, we will promptly add it.

Step 5

Final Submission

(2-3 working days) We Will do the final submission of soft/hard copies to you.

What is the process of drafting a will?
Step 1

Select Package

Select packages as per your choice and fill out the forms

Step 2

Comprehensive Agreement

(2-3 working days) We Will draft a comprehensive agreement based upon your selection and requirements.

Step 3

revision of Agreement

(2-3 working days) We Will provide you with a copy of the agreement for you to revise.

Step 4

Redrafting (if required)

(1-2 working days) Ig you still feel that there is something that can be modified, we will promptly add it.

Step 5

Final Submission

(2-3 working days) We Will do the final submission of soft/hard copies to you.

WHAT INFORMATION SHOULD BE INCLUDED IN A PARTNERSHIP DEED?

  • Number of Members: In a Partnership, there is a minimum requirement for two members. If there are more partners than the given above then it becomes illegal to continue the business of the partnership.
  • Minimum capital requirement: There’s no limitation on the requirement of capital at the beginning of the business. Partners can start the business with as much as minimum capital they want. The calculation of stamp duty also depends on the amount of capital which has been put by partners.
  • The name should be different: While deciding a name for the firm the care has been taken that it should not indicate any undesirable intention.

WHAT DOCUMENTS AND INFORMATION ARE REQUIRED FOR A PARTNERSHIP DEED?

Any standardized partnership deed format should have the following clauses:

Documents
  • PAN Card 
  • Adhaar Card
Information
  • Names and Addresses of the firm and its main business;
  • Names and Addresses of all partners;
  • A contribution of the amount of capital by each partner;
  • The date of commencement of partnership;
  • Rules regarding an operation of Bank Accounts;
  • Profit and loss sharing ratio;
  • Salaries, commission, etc, if payable to any partner;
  • The rights, duties, and liabilities of each partner;
  • Treatment of loss arising out of insolvency of one or more partners;
  • Settlement of accounts on the dissolution of the firm;
  • Method of a settlement of disputes among the partners;
  • Rules to be followed in case of admission, retirement, the death of a partner; and
  • Any other matter relating to the conduct of business. Normally, all the matters affecting the relationship of partners amongst themselves are covered in partnership deeds.

What is the process of drafting a will?
Step 1

Select Package

Select packages as per your choice and fill out the forms

Step 2

Comprehensive Agreement

(2-3 working days) We Will draft a comprehensive agreement based upon your selection and requirements.

Step 3

revision of Agreement

(2-3 working days) We Will provide you with a copy of the agreement for you to revise.

Step 4

Redrafting (if required)

(1-2 working days) Ig you still feel that there is something that can be modified, we will promptly add it.

Step 5

Final Submission

(2-3 working days) We Will do the final submission of soft/hard copies to you.

HOW TO REGISTER A PARTNERSHIP FIRM?

Registration of a Partnership firm is optional under Indian Partnership Act, 1932. It can be done at any time before starting the business or while business is in its continuation.

It is always recommended to register the firm as it enjoys more benefits rather than unregistered ones.

HOW IS A PARTNERSHIP DEED EXECUTED?

  • A Partnership Agreement must be printed on a Non-Judicial Stamp Paper with a value of Rs.100/- or more based on the value of properties held in the partnership firm. 
  • The partnership agreement is usually signed in the presence of all the partners and each of the partners would retain a signed original for his/her records. 
  • Once the document is signed by the Partners, the document is witnessed and the signed partnership deed held by each of the Partners is duplicate or triplicate.

WHAT ARE THE BENEFITS OF A PARTNERSHIP DEED?

  • Regulation: It regulates the rights, duties, and liabilities of each partner.
  • Avoids misunderstanding: It helps to avoid any misunderstanding between the partners because all the terms and conditions of the partnership have been laid down beforehand in the deed.
  • Dispute settlement: Any dispute between the partners may be settled easily as the partnership deed may be readily referred to.
  • Clears confusion: It clears confusion as to what should be the profit and loss sharing ratio between partners.
  • Defines roles: It clearly mentions who does what. Individual partner’s roles can be defined.
  • Specific clauses: Partnership deeds can also contain clauses which clarifies what should be remuneration (salary) to partners. Usually, remuneration is paid to working partners. However, interest payment is done to all partners who have brought in capital in the business.

What is the process of drafting a will?
Step 1

Select Package

Select packages as per your choice and fill out the forms

Step 2

Comprehensive Agreement

(2-3 working days) We Will draft a comprehensive agreement based upon your selection and requirements.

Step 3

revision of Agreement

(2-3 working days) We Will provide you with a copy of the agreement for you to revise.

Step 4

Redrafting (if required)

(1-2 working days) Ig you still feel that there is something that can be modified, we will promptly add it.

Step 5

Final Submission

(2-3 working days) We Will do the final submission of soft/hard copies to you.

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