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Partnership Deed

LECTURE # 5
Partnership
agreement in
writing Is called
partnership deed.
 It forms the basis of formation of
the partnership
 It defines the mutual rights, duties
& liabilities of the partners.
 It help in minimizing the areas of
disputes among the partners.
 It serves as guidepost for the
conduct of firm business.
1. Name & location of the business
2. The nature of the business
3. The amount of capital to be contributed
by each partner.
4. Provisions of reinvestments in business.
5. The duties, power & obligations of all the
partners.
6. Length or life of the business.
1. The method of distribution of profit &
sharing of losses.
2. Method of admitting a new partner.
3. Procedure for withdrawal of a partner.
4. The method of revaluation of goodwill on
admission or retirement or death of a
partner.
5. Procedure to be followed for in case a
partner for managing the firm.
6. Arrangements to be followed in case a
partner becomes insolvent.
1. Salary, if any, payable to the
partners for managing the firm.
3. The method of preparing accounts &
arrangement for audit.
4. Procedure for the dissolution of the
firm & settlement of accounts.
5. Arbitration in case of disputes among
partners.
6. Operation of bank account.
• Common advantage
• Indemnity
• Loss caused by wilful neglect.
• Due diligence
• Provision of information
• Right to take part in management
• Expression of opinion
• Inspection of books
• Right to be indemnified
• Right to continue • Right to retire
• Use of property • Interest on capital
• Sharing of profit/loss
• Joint liability
• Liability of a new partner
• Liability of retiring partner
• Competitive business
• No private use of property
• Admission of a new partner
• Retirement of a partner
• Insolvency of a partner
• Death of a partner
• A minor can’t be a partner
• A minor can be admitted to the
benefits of partnership alone
• Rights of a minor in a firm
• Liability of a minor
Within 6 months of his attaining majority, he has to give
notice:
ii. Whether he wishes to continue as a partner or not.
iii. In case he doesn’t make such announcement, he will be
treated as decided to continue as a powerful fledged
partner
iv. When he chosen to become partner or
is deemed to be partner his liability becomes
unlimited with effect from the date of his
admission as such.