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Partnership deed Drafting and RegistrationTo start partnership, do legals right

Partnership Deed Drafting and Registration

It is safe to have a legal document to avoid unnecessary harassment and unpleasant consequences among partners if there is any dispute. Then you need drafting Partnership deed for mutual benefit. The registration of Partnership deed is done under the Indian Registration Act, 1908 to avoid the anxiety of destroying the Deed of partnership in possession of the partners.
Anyways, a partnership firm can also be created without registration under Indian Registration Act, by getting into a deep of Partnership. Also, there is a scope of adding an amendment agreement to the partnership deed to change the terms of a Partnership Firm.

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All You Need to Know About Partnership Deed

Is Partnership Deed enforceable?

Before starting the business, a partnership deed is created by the parties. The deed must be printed on Non-Judicial stamp paper of value Rs. 100 or more and signed by all the partners to enforce it.

Benefits of a partnership deed

  • The roles of all the parties are well defined.
  • Mention terms for a business foundation.
  • This guides for future negotiations.
  • Tells about financial details regarding the partnership.
The reason such an agreement is important is clear. It acts as a template for the partners. It also helps act as proof in case these are disputes among partners in the future. Hence it should be drafted as a contingency.

Drafting of a partnership deed

What must information be present in a partnership deed?

The names of the parties and their respective business roles must be clearly written.
A short summary of the business intended should be mentioned.
Details about the invested amount paid up and authorized capital etc. must be enumerated.
The method of partnership withdrawal from the agreement must be properly mentioned.
The situations under which a partner might be removed from the partnership should be written clearly.
It should be properly mentioned, how and under what conditions, the partnership can be dissolved.
Like every other agreement, there should be a written clause about resolving disputes, if any. If any dispute arises among the partners, they must agree on which court or tribunal to approach.

Why Venture Support?

With us, you can focus more on other aspects of your business and collaboration, while our professional team would look after drafting the agreement and its registration.

Still, you have any question? Fill out the form, our team will assist you.

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