To prepare a project on partnership deed
Answers
Explanation:
minimum no.of partner 2
maximum number of partner is 50
in ordinary 10 members while in banking 20 members
equally share profit and loss
agreements should be mostly cases in written
registration is optional
unlimited liability
Partnership deed
It is a document containing the terms and conditions of a partnership, It is an agreement in writing signed by all the partners duly stamped and registered. The Partnership deed defines certain rights, duties and obligations of partners and governs relations among them in the conduct of business affairs of the firm. It is not a public document. Thepartnership deed must not contain any term which is contrary to the provisions of the Partnership Act. The deed has to be stamped in accordance with the Indian Stamps Act 1899. Each partner should have a copy of the deed. The following points are generally be included in the deed.
1) Name of the firm
2) Nature of the business
3) Names and addresses ofpartners
4) Location of business
5) Duration ofpartnership, if decided
6) Amount of capital to be contributed by each partner
7) Profit and loss sharing ratio
8) Duties, powers and obligations of partners
9) Salaries and withdrawals of the partners
10) Preparation of accounts and their auditing 11) Procedure for dissolution of the firm
12) Procedure for settlement of disputes