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Partnership

Partnership

Partnership  can be obtained for any association of people who join together for a business purpose and to share the profits. All partnership firms are regulated by the Indian Partnership Act, 1932, and as per this provisions, The Registration of partnership is optional. But a partnership firm cannot avail legal benefits if it is not registered, hence it is always advisable to register it. Documents required for partnership formation (whether registered or not) are:-

  • A partnership Deed duly signed and Notarized bearing the name and Address of the Partnership firm along with the rights and Duties.

  • Stamp Duty Payment Challan

  • Utility Bill (ownership Document such as House tax receipt., Water Bill, Electricity bill)

  • Identity Proof and Address Proof of the Partners

  • Affidavit by each of the Partners

  • NOC from the landlord or Rent Agreement to use the premise as the Regd Office of the Company.

Following Points should be remembered  while Drafting a partnership deed: 

A. General Details:

1. Name, Nature and address of the firm and all the partners

2. Date of starting of business Capital to be contributed by each partner

3. Capital to be contributed by each partner

5. Profit/loss sharing ratio among the partners

B. Specific Details:

Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:

1. Interest on capital invested, drawings by partners or any loans provided by partners to firm

2. Salaries, commissions or any other amount to be payable to partners

3. Rights of each partner, including additional rights to be enjoyed by the active partners

4. Duties and obligations of all partners

5. Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm.

6. Other clauses as partners may decide by mutual discussion

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