The Partnership Deed is the pivotal legal document of a partnership firm, which contains all matters related with the formation, efficient functioning and management, and peaceful resolution of probable disputes among the partners, of the partnership firm. The partnership deed acquires full legal potency when registered properly with the concerned legal authorities.
Here, pertinent is to mention that, a partnership is the arrangement in which two or more partners share the ownership over a business/profession/service firm, bear all liabilities of the firm, and distribute the profits and losses in the agreed proportions. In India, the partnership firms are registered under the Indian Partnerships Act of 1932. Readers here must note that, these partnership firms are different from the limited liability partnership (LLP) firms, which are registered under the LLP Act of 2008. The main elements and clauses of a partnership deed, the great importance of this written document, and the procedure for registering this, are described briefly in the lower sections of this webpage, to help Indian and foreign people and entrepreneurs interested in establishing partnership firms in India.
The following vital points contained by it elucidate the great importance of partnership deed to the partners and also to all other people or entities making dealings with the related partnership firm:
Here, it may also be noted that a partnership deed may contain all issues/matters associated with management, regulation, growth, and winding up of the firm, but all such provisions must fall within the limits given in the Indian Partnerships Act, 1932.
Registration of a partnership agreement or deed is not compulsory, however, its registration is immensely securing and beneficial. The procedure for registering a partnership deed covers the following broad processes or steps:
To avail brisk and expert service for finalizing the partnership deed or any other ancillary corporate legal documents from our well-informed and sophisticated lawyers, just call over: +91-8800-100-284; or send queries or mails to: contact@Company-Registration.in .