Question

what do you understand by partnership deed ? what points do you think necessary to be dealt while preparing partnership deed? explain any four.​

Answer 1

Answer:

A partnership is a unique form of business in which partners work together to achieve common goals. Due to this feature of partnerships, partners are allowed to decide the terms of their relationship with each other. The documents which they do so are called partnership deeds.

Partnership deeds, in very simple words, are an agreement between partners of a firm. 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.

Although the drafting of partnership deeds is not compulsory, it is always advised to do so. This helps in ensuring that all terms agreed by partners exist in written form on paper. Doing so can reduce disputes between partners and govern their functioning better.

Explanation:

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Answer 2

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Dissolving the Partnership

As in all business contracts, a partnership deed must provide for the means of arbitration of disputes, whether it's a dissolution dispute or any other problem. The main goal of the deed is to avoid expensive litigation over details that have not been fully worked out in the signed agreement.

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