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You Now that What is Partnership Deed/ Agreement???

A Partnership deed is a piece of paper in which the terms and conditions of partnership agreement is verbally written. Hence, agreement is said to be the beginning of a partnership business. Partnership contract/ deed/  agreement may be oral or written. the written piece of paper of partnership is called as partnership deed /agreement. In future there may be distinction of opinions between the partners on some objects. The distinction may only be erase if the situations and terms are in a document to avoid future disputes and misunderstanding between partners. A excellent drawn up partnership agreement usually hold the followings,

  1. The name of the Entrepreneur
  2. The scope and objects/ aims of the business
  3. The period of the business
  4. the Names and Addresses of the Partners
  5. The amount of the capital of the firm and the amount of contribution by each partner
  6. The ratio sharing of the profit and loss of the business
  7. The management of the firm
  8. Salaries, if any paid to many partner
  9. Interest on partners capital and partners loan
  10. Rights and Duties of the partner
  11. the valuation or amortization of good will in a situation of dissolution of the firms
  12. Rules and regulation with reference to the enrollment of a new partner and removal and retirement of an existing partner
  13.  Appointment of an  adjudicator to resolve disputes if any among the partners
  14. The names of the banks where accounts are open for the entrepreneur
  15. The names of the auditor who will observe and inspect the books of accounts
  16. The names of partners who have sign the specific piece of papers
  17. The course of actions of the dissolution of the firm and settlements of accounts
  18. Any other important clause for future security for the accessibility of the partners

The partnership agreement must be signed by all the partners. They may, if think important, make adjustments and additions to the provision of the deed at any time.

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You Now that What is Partnership Deed/ Agreement???

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