Partnership Deed Clauses
Partnership Deed is a document that contains the terms and conditions of a partnership business. It is an agreement in writing signed by all the partners stamped and registered.
The following are some of the important clauses that need to be included in the Partnership Deed:
1. Name of the firm.
2. Nature of the firm’s business
3. The principal place of business.
4. Duration of partnership, if any
5. Names and addresses of partners
6. Amount of capital to be contributed by each partner
7. The amount which can be withdrawn by each partner.
9. Rate of interest, if any
10. Amount of Salary or commission payable to partners.
11. Allocation of work among partners.
12. Mode of valuation of goodwill.
13. Procedure for admission, retirement, etc. of a partner.
14. Procedure for maintaining accounts and getting them audited.
15. Procedure to be followed in the event of the dissolution of the firm and settlement of accounts.
16. The arbitration clause in case of disputes among partners.
17. Loans and advances by partners and rate of interest payable on them.