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Partnership Deed

A Partnership Deed serves as a vital legal document for a partnership, clearly defining the terms of the agreement. It establishes the rights, responsibilities, and obligations of each partner. This includes outlining the firm’s name, address, and type of business, as well as detailing capital contributions, profit-sharing ratios, and the management structure.

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  • Submit Your Required Documents
  • Track Application Status
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Why Should I Use Auriga Accounting For Partnership Deed ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Partnership Deed.

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Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Partnership Deed

Complete your Registration

Your Partnership Deed Is Done

Why Should I Use Auriga Accounting For Partnership Deed ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Partnership Deed.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Partnership Deed

Complete your Registration

Your Partnership Deed is Done

Overview
Importance
Types
Documents
Procedure

Overview - Partnership Deed

The partnership firm is recognized as one of the most popular and frequently utilized types of business organizations for individuals initiating a new business in India. To successfully establish a partnership firm, a core requirement is the involvement of a minimum of two individuals who will function as partners. The formal process of creating a partnership firm is facilitated through the development and signing of a partnership deed. This partnership deed is a pivotal agreement entered into by and between all the partners of the firm. Its contents are designed to meticulously outline and clearly define all the pertinent terms and conditions that will govern the partnership arrangement and specify the nature of the relationship among the partners.

A partnership agreement, or deed of partnership, is a legal contract outlining the terms under which two or more individuals operate a business for profit. This document is crucial for resolving disputes and conflicts among partners by establishing clear partnership norms. Its primary purpose is to define each partner’s roles and responsibilities, ensuring the efficient operation of the partnership firm.

Importance of Partnership Deed

  • Establishes Relationship Framework: Clearly defines the terms and structure of the partnership.
  • Governs Business Operations: Regulates business nature, liabilities, rights, and duties of all partners.
  • Prevents Misunderstandings: Specifies all terms and conditions to avoid confusion.
  • Facilitates Dispute Resolution: Provides a basis for settling disagreements according to agreed-upon terms.
  • Clarifies Profit/Loss Distribution: Defines the profit and loss sharing ratio among partners.
  • Outlines Partner Responsibilities: Details the specific role of each individual partner.
  • Sets Partner Compensation: Specifies remuneration to prevent disputes regarding payment.
  • Ensures Smooth Functioning: Provides a written record of terms and liabilities for efficient operations.

Types of Partnership Deeds

  • General Partnership Deed: This legal document details the structure and operation of a general partnership. It confirms that each partner holds equal responsibility for managing the business and is jointly and severally liable for all partnership debts and obligations.
  • Limited Partnership Deed: This deed formalizes a limited partnership, which comprises both general and limited partners. General partners bear unlimited liability for the partnership’s debts and actively participate in its management. Limited partners, conversely, have liability limited to their investment and do not take part in the day-to-day management.

Documents for Partnership Deed

PAN card of all the partners: Required 10-digit tax ID for each partner for tax and banking purposes. Verifies identity.

Address proof of all the partners: Documents like Voter ID, Aadhaar, or Driving Licence needed to confirm each partner’s residence for verification and contact purposes.

Address proof of the firm: Document needed to verify the firm’s official registered business address for operations and communications.

Process For Partnership Deed

  1. Execute the Partnership Deed: Draft the partnership deed on stamp paper and have all partners sign it.
  2. Register the Deed: Schedule an appointment with the Sub-Registrar/Registrar Office to register and notarize the deed. Ensure witnesses are present to sign.
  3. Apply for Firm Registration: Submit the registered partnership deed and necessary documents to the Registrar of Firms.
  4. Obtain Registration Certificate: Receive the Partnership Firm Registration Certificate from the Registrar of Firms.

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2023-06-10
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