How to Create
Partnership is an agreement between persons to carry on a business. The agreement entered into between partners may be either oral or written. When the agreement is in written form, it is called ‘Partnership Deed.’It must be duly signed by the partners, stamped and registered. Any alteration in partnership deed can be made with the mutual consent of all the partners.It generally contains-Name of the firm, Nature of the business, Names of partners, Place of the business, Amount of capital to be contributed by each partner, Profit sharing ratio between the partners, Amount of salary and commission payable to the partners, Duties, powers and obligations of partners,Mode of valuation of goodwill in the event of admission, retirement and death of a partner, Settlement of accounts in the case of dissolution of the firm, Arbitration in case of disputes among the partners, Arrangements in case a partner becomes insolvent, etc.