Q.What is partnership deed? Explain its contents.

A partnership deed is a stamped written agreement setting out a firm's terms and each partner's rights and duties.

Partnership Deed and its Contents

A TS Inter 1st-year Commerce topic, aligned with the NCERT/CBSE curriculum. It is a written agreement signed by all partners, duly stamped and registered under the Indian Stamp Act, 1899, defining partners' rights, duties and obligations.

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A partnership deed is a written document containing the agreed terms of a partnership, typically covering the firm's name and business, the partners' capital and profit-sharing arrangement, and each partner's rights, duties and liabilities.

Partnership Deed and its Contents

This is a TS Inter 1st-year Commerce topic on forms of business organisation, aligned with the NCERT/CBSE Business Studies treatment of partnership. While the law does not require a partnership deed to contain any fixed set of clauses, in practice it usually records:

1. Name of the partnership firm.
2. Names, addresses and occupations of all partners.
3. Nature, object and duration of the business.
4. Amount of capital to be contributed by each partner.
5. Drawings permitted for private purposes.
6. Profit and loss sharing ratio among partners.
7. Rate of interest allowed on capital and charged on drawings.
8. Rights, duties and liabilities of each partner.
9. Method of keeping accounts and provision for audit. …