Define Partnership Deed also discuss any five points of its content.
Answers
Explanation:
Contents of Partnership Deeds
The name of the firm.
Name and details of all partners.
Date of commencement of business.
Duration of the firm's existence.
Capital contributed by each partner.
Profit/loss sharing ratio.
Interest on capital payable to partners.
The extent of borrowings each partner can draw.
ᴡʜᴀᴛ ɪs ᴀ ᴘᴀʀᴛɴᴇʀsʜɪᴘ ᴅᴇᴇᴅ?
ᴀ ᴘᴀʀᴛɴᴇʀsʜɪᴘ ᴅᴇᴇᴅ ɪs ᴀɴ ᴀɢʀᴇᴇᴍᴇɴᴛ ʙᴇᴛᴡᴇᴇɴ ᴛʜᴇ ᴘᴀʀᴛɴᴇʀs ᴏғ ᴀ ғɪʀᴍ ᴛʜᴀᴛ ᴏᴜᴛʟɪɴᴇs ᴛʜᴇ ᴛᴇʀᴍs ᴀɴᴅ ᴄᴏɴᴅɪᴛɪᴏɴs ᴏғ ᴘᴀʀᴛɴᴇʀsʜɪᴘ ᴀᴍᴏɴɢ ᴛʜᴇ ᴘᴀʀᴛɴᴇʀs. ... ɪᴛ sᴘᴇᴄɪғɪᴇs ᴛʜᴇ ᴠᴀʀɪᴏᴜs ᴛᴇʀᴍs sᴜᴄʜ ᴀs ᴘʀᴏғɪᴛ/ʟᴏss sʜᴀʀɪɴɢ, sᴀʟᴀʀʏ, ɪɴᴛᴇʀᴇsᴛ ᴏɴ ᴄᴀᴘɪᴛᴀʟ, ᴅʀᴀᴡɪɴɢs, ᴀᴅᴍɪssɪᴏɴ ᴏғ ᴀ ɴᴇᴡ ᴘᴀʀᴛɴᴇʀ, ᴇᴛᴄ.
ᴡʜᴀᴛ ᴀʀᴇ ᴄʜᴀʀᴀᴄᴛᴇʀɪsᴛɪᴄs ᴏғ ᴀ ᴘᴀʀᴛɴᴇʀsʜɪᴘ?
ᴛʜᴇ ᴇssᴇɴᴛɪᴀʟ ᴄʜᴀʀᴀᴄᴛᴇʀɪsᴛɪᴄs ᴏғ ᴘᴀʀᴛɴᴇʀsʜɪᴘ ᴀʀᴇ:
- ᴄᴏɴᴛʀᴀᴄᴛᴜᴀʟ ʀᴇʟᴀᴛɪᴏɴsʜɪᴘ: ...
- ᴛᴡᴏ ᴏʀ ᴍᴏʀᴇ ᴘᴇʀsᴏɴs: ...
- ᴇxɪsᴛᴇɴᴄᴇ ᴏғ ʙᴜsɪɴᴇss: ...
- ᴇᴀʀɴɪɴɢ ᴀɴᴅ sʜᴀʀɪɴɢ ᴏғ ᴘʀᴏғɪᴛ: ...
- ᴇxᴛᴇɴᴛ ᴏғ ʟɪᴀʙɪʟɪᴛʏ: ...
- ᴍᴜᴛᴜᴀʟ ᴀɢᴇɴᴄʏ: ...
- ɪᴍᴘʟɪᴇᴅ ᴀᴜᴛʜᴏʀɪᴛʏ: ...
- ʀᴇsᴛʀɪᴄᴛɪᴏɴ ᴏɴ ᴛʜᴇ ᴛʀᴀɴsғᴇʀ ᴏғ sʜᴀʀᴇ:
ᴡʜᴀᴛ ɪs ᴘᴀʀᴛɴᴇʀsʜɪᴘ ᴅᴇᴇᴅ ᴀɴᴅ ɪᴛs ᴄᴏɴᴛᴇɴᴛs?
ᴘᴀʀᴛɴᴇʀsʜɪᴘ ᴅᴇᴇᴅs, ɪɴ ᴠᴇʀʏ sɪᴍᴘʟᴇ ᴡᴏʀᴅs, ᴀʀᴇ ᴀɴ ᴀɢʀᴇᴇᴍᴇɴᴛ ʙᴇᴛᴡᴇᴇɴ ᴘᴀʀᴛɴᴇʀs ᴏғ ᴀ ғɪʀᴍ. ᴛʜɪs ᴀɢʀᴇᴇᴍᴇɴᴛ ᴅᴇғɪɴᴇs ᴅᴇᴛᴀɪʟs ʟɪᴋᴇ ᴛʜᴇ ɴᴀᴛᴜʀᴇ ᴏғ ᴛʜᴇ ғɪʀᴍ, ᴅᴜᴛɪᴇs, ᴀɴᴅ ʀɪɢʜᴛs ᴏғ ᴘᴀʀᴛɴᴇʀs, ᴛʜᴇɪʀ ʟɪᴀʙɪʟɪᴛɪᴇs ᴀɴᴅ ᴛʜᴇ ʀᴀᴛɪᴏ ɪɴ ᴡʜɪᴄʜ ᴛʜᴇʏ ᴡɪʟʟ ᴅɪᴠɪᴅᴇ ᴘʀᴏғɪᴛs ᴏʀ ʟᴏssᴇs ᴏғ ᴛʜᴇ ғɪʀᴍ.