Corporate (Partnership) Deed
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A Partnership Agreement is an agreement between two or more individuals who would like to manage and operate a business together in order to make a profit. It is a relatively common business structure in India, and can be contrasted to other common business structures such as a sole proprietor, a company or a trust. In a partnership, several partners are able to work together (unlike a sole proprietor). Each partner shares a portion of the partnership's profits and losses and each partner is personally liable for the debts and obligations of the partnership. Compared to a company or a trust, a partnership can have lower set up and administration costs.

However, while companies and trusts offer some protections against liability, a partnership does not. A partnership is not a separate entity from the partners. If the partnership incurs a liability, the partners are personally responsible for it. Furthermore, a partner can become liable for debts that another partner has incurred on behalf of the partnership. Nevertheless, a partnership is a cheap and convenient way for a several people to go into business together, and is a popular business structure for many Indians. And an important step in getting the partnership established, is to make a written record of the agreement between the partners, by using this Partnership Deed.

This Partnership Deed describes the partner responsibilities, outlines the ownership interest in the partnership, defines the profit and loss distribution of each partner, prepares the partnership for common business scenarios, and includes other important rules about how the partnership will be managed and conduct business. The document is a critical foundational document for running a new business and sets the business up for success by ensuring clear communication and defined responsibilities for all of the partners. This Agreement documents both contingency plans for when things go wrong as well as descriptions of the partnership's day-to-day operations.

Why Create a Partnership Deed?

Partnership Agreements are be used by Partners wishing to form a partnership for doing business together. It is strongly recommended or encouraged for partnerships to have some kind of agreement among themselves, in case future disputes prove difficult to arbitrate. It is meant to promote mutual understanding and avoid mistrust. It indicates the terms on which the business corporation is founded.

Also, registration of a Partnership will make the firm eligible for obtaining PAN, applying for bank loan, opening bank account in Partnership Firm name, obtaining GST registration or IE Code or FSSAI license in partnership firm name and more

Executing a Partnership Deed

Partnership agreement must be printed on a Non-Judicial Stamp Paper with a value of Rs.100/- or more based on the value of properties held in the partnership firm. The partnership agreement is usually signed in the presence of all the partners and each of the partners would retain a signed original for his/her records. Once the document is signed by the Partners, the document is witnessed and the signed partnership deed is held by each of the Partners is duplicate or triplicate.

Frequently Asked Questions

By the Provincial Governments in exercise of powers conferred by section 71 of thePartnership Act, 1932 rules which framed are Punjab Partnership &(registration of Firms)'rules, 1932, North+West (Frontier Province Partnership 'rules, 1932 and -Sindh Partnership 'rules, 1932.

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In right/write right you have an access on all the information and variables of the project. You can add tasks, actions, issues, deliverables, risks, change requests ... In short you place yourself as head of project. In read right you can only consult the project data but without any update rights.

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