This Partnership Deed Format with Partnership Deed PDF can be used as a Business Partnership Agreement, Partnership Contract and Specimen of Partnership Deed. PDF and Docs format are provided for this Partnership Deed form.
You know Partnership deed is an agreement between the legitimate partners of a firm or business. A partnership deed outlines the terms and conditions between the partners of a firm stating all the TOC’s in a partnership deed form. We have provided the Partnership Deed Format below for your reference.
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Partnership Deed Format
A partnership deed agreement gives value to your partnership firm and keeps a governing state between the partners. Everything that you need to circulate between the partners can be done via partnership deed form.
A Partnership Deed Format specifies the various meaning to your firms such as the admission of a new partner, profit/loss sharing between partners, salary, interest on capital, drawings and many more such things. in order to bring clarity to the partners.
See Also – Business Agreement Format
Details you must include in a partnership deed registration
A partnership agreement format must contain these details –
- Business to be undertaken by the partner’s of the firm
- Duration of the partnership between owners
- Salary and commissions details
- Details of profit and loss sharing
- Details of capital contribution by each partner
- Partner’s drawings
- Loan details of a partner’s
- Obligation and objection of a partner
- Death, Retirement of a partner
- Details to admit a new partner
- Accounts and Audit
Suggested Partnership Deed Format with PDF
This deed of partnership is made on [Date, Month, and Year] between:
- [First Partner’s Name], [Son/Daughter] of [Mr. Father’s Name], residing at [Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as the FIRST PARTNER.
- [Second Partner’s Name], [Son/Daughter] of [Mr. Father’s Name], residing at [Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as the SECOND PARTNER.
Whereas, the parties hereto have agreed to commence business in partnership and it is expedient to have a written instrument of partnership. Now, this partnership deed witnesses as follows:
BUSINESS ACTIVITY
The parties hereto have mutually agreed to carry on the business of [Description of Business Activity Proposed].
PLACE OF BUSINESS
The principal place of the partnership business will be situated at [Address Line 1, Address Line 2, City, State, Pin Code]
DURATION OF PARTNERSHIP
The duration of the partnership must be mentioned at the will
CAPITAL OF THE FIRM
Initially, the capital of the firm shall be Rs. [Total Partners Contribution].
PROFIT SHARING RATIO
The profit or loss of the firm shall be shared equally among all the partners and transferred to the partner’s current account.
MANAGEMENT
The [First Partner] of the firm shall be Managing Partner and he will look after all the day to day transaction of the firm and any legal activities in the name of the firm and the remaining partners shall co-operate to do so.
OPERATION OF BANK ACCOUNTS
The firm shall open a current account in the name of [Partnership Firm Name] at any bank and such account shall be operated by [First Partner] and [Second Partner] jointly as declared from time to time to the Banks.
BORROWING
The written consent of all Partners will be required for the partnership to avail credit facilities from any financial institution.
ACCOUNTS
The firms shall regularly maintain in the ordinary course of business, true and correct accounts of all its transactions and also of all its assets and liabilities, the property books of account, which shall ordinarily be kept at the firm’s place of business. The accounting year shall be the financial year from 28th May onwards and the balance sheet shall be properly audited and the same shall be signed by all the Partners. Every Partner shall have access to the books and the right to verify their correctness.
RETIREMENT
If any partner shall at any time during the subsistence of the partnership, be desirous of retiring from the firm, it shall be competent from his to do so, provided he shall give at least one calendar month notice of his intention of doing so.
The remaining partner shall pay to the retiring partner or his legal representatives of the deceased partner, the purchase money of his share in the assets of the firm.
DEATH OF PARTNER
In the event of the death of any partners, one of the legal representatives of the deceased partner shall become the partner of the firm and in the event the legal representative show their denial to point the firm, they shall be paid the part of the part of the purchase amount calculated as on the date of the death of the partner.
ARBITRATION
Whenever there by any difference of opinion or any dispute between the partners shall refer the same to the arbitration of one person. The decision of the arbitration so nominated shall be final and binding on all partners, such arbitration proceedings shall be governed by the Indian Arbitration Act, which is in force.
That each partner shall: –
- Diligently attend to the business of the Partnership and devote his/her necessary time and attention thereto.
- Punctually pay her/his separate debts and indemnify the other partner and the Assets of the firm against the same and all expenses, therefore.
- Upon every reasonable request inform the other Partner of all letters, accounts, writings and such other things which shall come to her/his hands or knowledge concerning the business of the Partnership.
That neither Partner shall without the consent of the others: –
- Lend any of the money or deliver upon credit any of the goods of the firm to any person or persons whom the other Partners shall have previously in writing forbidden her/him to trust.
- Raise or advance any loan in the name of or on behalf of the firm.
- Assign, charge or transfer her/his shares in assets or profits of the firm
In witness whereof, this partnership deed is signed sealed and delivered this [Day, Month, Year] at [City, State]:
| First Partner – | Second Partner – |
| First Witness – | Second Witness – |
Download Partnership Deed Format Here –
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