Contents of a partnership agreement
A partnership deed is a legally enforceable document that guides the operation of the partnership business. It should contain the following details;
- Name of the firm.
- Names and addresses of the partners.
- The nature of the business.
- The term or duration of partnership.
- The amount of capital to be contributed by each partner.
- The extent of withdrawal on the firm’s account that can be made by each partner..
- Rights of partners.
- Duties of partners.
- Remuneration to partners.
- The ratio in which the profits or losses are to be shared among the partners.
- The basis for the calculation of goodwill at the time of admission, retirement, and death of a partner.
- The keeping of proper books of accounts and the preparation of Balance Sheet.
- Settlement of account on the dissolution of the firm.
- The procedures to be adopted in the case of disputes among the partners.
- Arbitration clause.
Do you wish to know how to draft a partnership Deed/Agreement? Or you have any question or clarification regarding the registration of a partnership deed/Agreement? Log on to our website – www.618bees.com or call us on 23412803791 to speak to any of our consultants to provide answers to such questions.
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