PARTNERSHIP DEED
DEFINITION
A partnership deed is a legal document to avoid misunderstandings, harassment and problems among the partners in the event of any dispute. For their mutual benefit, the registration of Deed of Partnership is made under the Indian Registration Act, 1908. This is done to avoid a situation wherein the deed of partnership may be destroyed by any of the partners. However, a partnership firm can also be formed without it being registered under the Indian Registration Act. This can be done by creating a partnership deed. A partnership can be constituted by more than one document. This means that an amendment agreement can be added to a partnership deed at any time to change the terms of the said partnership firm/organization.
IMPORTANCE OF A PARTNERSHIP DEED
A partnership agreement is issued between individuals who wish to form a partnership to do business together. It is strongly recommended for partners of a firm to have an agreement among themselves. This helps in the case of any arbitration for future disputes. A partnership deed helps to promote mutual understanding and avoid mistrust. It also indicates the terms and conditions on which the business firm is founded. The registration of a partnership make the firm eligible to obtaining a PAN, helps in the application for a bank loan, helps in the opening of a bank account in the said partnership firm name, helps to obtain a GST registration/IE Code/FSSAI license etc
EXECUTION OF A PARTNERSHIP DEED
A partnership agreement should be printed on a Non-Judicial Stamp Paper with a value of Rs.100/- or more basis the value of properties held in the partnership firm. The partnership agreement is then signed by the concerned partners, in the presence of all the partners.
Once you get in touch with us at ACE ALLIANCE with your request to create a partnership deed, we will start the process. After our team receives all the details, our expert team of lawyers and attorney will create the partnership deed sample and send it across for your reference within 2- 3 business days. The price you pay for these services will includes three rounds of iterations. Therefore, if you need any changes done to the partnership deed format, our team of lawyers at ACE ALLIANCE will do the needful.