Matters to be considered in Partnership Deed
All the rights and responsibilities is based on agreement in writing . This deed can be oral or written; however, written agreement is good for settling any rights and duties and even liabilities in due course. The requirement of a partnership deed are:
The name of the firm.
(1. Name is not infringing the registered trademarks or a trademark 2. name is not in violation of the provisions of Emblems and Names (Prevention of Improper Use) Act, 1950 .3 .name is not offensive to any section of people, e.g., proposed name does not contain profanity or words or phrases that are generally considered a slur against an ethnic group, religion, gender or heredity; (v) he has gone through).
Name and full addresses including PIN code of the partners.
Nature and main objects of the business.
The term or duration of the partnership.
The amount of capital to be contributed by each partner.
The terms and conditions for drawings partner.
The interest on capital and charged on drawings.( specifically for income tax purposes)
Rights and duties of partners.
Remuneration and perquisites to partners.( for income tax purposes
Profit and loss sharing ratio
Terms and conditions on the property or any other asset if any brought by the partners
If you have any doubt, please contact 9961505010