what do you understand by partnership deed ? what are the content of partnership deed ; explain?
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A partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners. ... It specifies the various terms such as profit/loss sharing, salary, interest on capital, drawings, admission of a new partner, etc. in order to bring clarity to the partners.
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Partnership deeds, in very simple words, are an agreement between partners of a firm.
Explanation:
This agreement defines details like the nature of the firm, duties, and rights of partners, their liabilities and the ratio in which they will divide profits or losses of the firm.
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