Partnership Deed

PARTNERSHIP DEED

When two more parties decide to undergo a business activity through the mode of partnership deed, they will have to make an agreement that shall decide upon the profit, assets and liability sharing between the parties. This agreement can be made both in oral as well as written format. But making an agreement in a written format is more advisable as it creates evidence in favor of the parties. Therefore, an agreement made in written by the partners of business laying down their terms and conditions is what we call Panomics Legal Mentors is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to all kinds of agreements, legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services.

Panomics Legal Mentors will help you to draft a Partnership Deed from the comfort of your home, offering you services that are very specialized and tailored as per the requirements.

Get a Free Consultation for Partnership Deed with Our Top Rated Experts with a simple registration.

Why Choose Panomics Legal Mentors For Partnership Deed?

This organization comprises of expert legal professionals, who use their expertise will draft your partnership deed that shall cover all the legal requirements and needs of the parties, we provide the services for registration of the deed as well. The experience and the knowledge that our professionals hold can help you in including clauses in your deed that shall effectively describe the relationship between the parties as well as avoid confusion or difficulties in the future.

ADVANTAGES OF PARTNERSHIP DEED

IMPROVES CLARITY: The deed involves a detailed description of the nature of work and the relationship of partners with the firm that will avoid confusion.

GUARDS THE PARTIES: The parties express their will, rights, and duties in the deed which reduces the scope of disputes between the parties in the future.

PROOF: It acts as evidence in the court of law.

SCOPE OF CONFIDENTIALITY: The deed involves clauses that state the compliance with any confidentiality that the parties may prescribe in their contract.

INTELLECTUAL PROPERTY RIGHTS: The ownership rights and usage rights of a trademark or trade name will be clearly mentioned in the deed that will establish the rights of parties very clear.

CONTENTS FOR PARTNERSHIP DEED

  1. THE SELECTED NAME OF THE PARTNERSHIP FIRM *note that this name shall not contain the terms such as “company” or “private company” in it.
  2. NATURE OF BUSINESS.
  3. DATE OF COMMENCEMENT.
  4. LOCATION.
  5. DURATION.
  6. CONTRIBUTION OF CAPITAL BY EACH partner.
  7. RATIO OF PROFIT SHARING.
  8. SALARY OF PARTNER (if any).
  9. TERM OF RETIREMENT, EXPULSION OF PARTNER AND DEATH OF PARTNERS.
  10. DAILY FUNCTIONS OF FIRM AND PARTNERS.
  11. PROVISIONS OF MAINTAINING FINANCIAL ACCOUNT AND AUDIT.
  12. PROCEDURE FOR VOLUNTARY AND FORCED DISSOLUTION OF FIRM.
  13.  DISPUTE RESOLUTION GUIDELINES.
  14. TERMS OF CONFIDENTIALITY.
  15. TERMS RELATING to IPR.

PROCEDURE

The parties have to identify the partners to the firm and ascertain their terms and condition. It is advisable to hire a professional lawyer who would draft a partnership deed to ensure effective compliance of legal provisions. The Partnership Deed can be registered but this is left to the choice of partners but it is suggested to get the deed registered as it gives legal validity to the deed.

In order to get the deed registered the parties must apply to the Registrar with a duly signed copy of partnership deed and paying necessary fee and stamp.