Question

mention 10 items that can specify in partnership deed​

Answer 1

Answer:

Although there is no specific format prescribed for drafting a partnership deed, a typical deed contains the below mentioned clauses.

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

Salary payable to partners, if any

The procedure of admission or retirement of a partner

The method used for calculating goodwill

Preparation of accounts of the firm

Mode of settlement of dues with a deceased partner’s executors

The procedure followed in case disputes arise between partners