Partnership Deeds
This is an important document which governs the members in partnership firm. It covers among other things the following points:
i. The name, location, and the nature of the business
ii. Names of the partners, duties and rights of each
iii. Amount to be invested by each
iv. Procedures for sharing profits and losses
v. The duties, power, and liabilities of each partner
vi. Basis of valuation of good will
vii. Methods of dealing with the death, retirement, insolvency of one or more partners
viii. Matters relating to the admission of a new partner
ix. Methods of settling the account in case of dissolution
x. Mode of preparation of accounts