The Partnership Deed is a crucial document used when two or more parties wish to enter into a business partnership in India. It serves as the foundational agreement that governs the entire partnership relationship and is essential for both small and large business ventures. The deed must comply with the Indian Partnership Act, 1932, and includes detailed provisions regarding capital contributions, profit-sharing, management rights, partner obligations, and dispute resolution mechanisms. While partnership registration is optional in India, having a properly executed Partnership Deed is mandatory and provides legal protection to all partners. The document becomes particularly important in situations involving dispute resolution, partner exits, or business expansion, as it serves as the primary reference point for determining partners' rights and obligations.
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1. Parties: Details of all partners including full names, addresses, and occupation
2. Background: Brief context about the partners' intention to form partnership and any relevant history
3. Definitions: Key terms used throughout the deed defined for clarity and precise interpretation
4. Nature of Business: Detailed description of the partnership business activities and scope
5. Firm Name and Place of Business: Partnership firm name and principal place of business address
6. Commencement and Term: Start date of partnership and duration (whether fixed term or at will)
7. Capital Contribution: Initial capital contribution by each partner and terms for additional contributions
8. Profit and Loss Sharing: Ratio and terms for distribution of profits and losses among partners
9. Management and Decision Making: Partners' roles, responsibilities, and decision-making process
10. Banking and Financial Arrangements: Details of bank accounts, signing authorities, and financial controls
11. Books of Accounts: Provisions for maintaining accounts, audit requirements, and financial year
12. Rights and Duties of Partners: Detailed obligations and entitlements of all partners
13. Restrictions on Partners: Non-compete and other restrictive covenants
14. Retirement and Admission: Process for partner retirement and admission of new partners
15. Death and Incapacity: Procedure in case of death or incapacity of any partner
16. Dissolution: Circumstances and process for partnership dissolution
17. Dispute Resolution: Method of resolving disputes between partners
18. Governing Law: Applicable law and jurisdiction
1. Goodwill Valuation: Method of valuing and treating goodwill, included when significant intellectual property or brand value exists
2. Intellectual Property Rights: Provisions regarding ownership and use of IP, needed when partnership involves creation or use of IP
3. Working Partner Provisions: Special terms for partners actively involved in business operations, used when there are both active and sleeping partners
4. Insurance: Requirements for business and partner insurance, important for high-risk businesses
5. Employee Management: Terms for hiring and managing employees, needed for larger partnerships
6. Foreign Investment Compliance: Special provisions for foreign partners or international business
7. Digital Assets Management: Provisions for managing online presence and digital assets, relevant for technology-based businesses
1. Schedule A - Capital Contributions: Detailed breakdown of each partner's capital contribution including cash, property, or other assets
2. Schedule B - Profit Sharing Ratio: Detailed matrix of profit and loss sharing arrangements
3. Schedule C - Assets and Properties: List of partnership assets and properties with valuations
4. Schedule D - Partner Responsibilities: Detailed description of each partner's specific roles and responsibilities
5. Schedule E - Business Plan: Initial business plan and projections (if applicable)
6. Appendix 1 - Partnership Bank Account Details: Banking arrangements and authorized signatories
7. Appendix 2 - Compliance Certificates: Copies of relevant business licenses and registrations
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Retail
Manufacturing
Technology
Real Estate
Healthcare
Hospitality
Construction
Trading
Consulting
Agriculture
Education
Financial Services
Media and Entertainment
Transportation and Logistics
Relevant Teams
Legal
Finance
Compliance
Risk Management
Corporate Secretarial
Business Development
Operations
Executive Leadership
Administrative
Corporate Governance
Relevant Roles
Business Owner
Managing Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Company Secretary
Business Development Manager
Finance Director
Compliance Officer
Risk Manager
Managing Director
Partner (Professional Services)
Entrepreneur
General Counsel
Operations Director
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