Which is not usually included / mentioned in the contents of the Partnership Deed?

Date on which the Partnership firm will be dissolved

The correct answer is option 4- Date on which the Partnership firm will be dissolved.

Date on which the Partnership firm will be dissolved not usually mentioned in the contents of the Partnership Deed.

Partnership comes into existence as a result of agreement among the partners. The agreement can be either oral or written. The Partnership Act does not require that the agreement must be in writing. But wherever it is in writing, the document, which contains terms of the agreement is called ‘Partnership Deed’. It generally contains the details about all the aspects affecting the relationship between the partner.  The Partnership Deed usually contains the following details:

• Names and Addresses of the firm and its main business;
• Names and Addresses of all partners; 
• Amount of capital to be contributed by each partner;
• The accounting period of the firm;
• The date of commencement of partnership;
• Rules regarding operation of Bank Accounts;
• Profit and loss sharing ratio;
• Rate of interest on capital, loan, drawings, etc;
• Mode of auditor’s appointment, if any;
• Salaries, commission, etc, if payable to any partner;
• The rights, duties and liabilities of each partner;
• Treatment of loss arising out of insolvency of one or more partners;
• Settlement of accounts on dissolution of the firm;
• Method of settlement of disputes among the partners;
• Rules to be followed in case of admission, retirement, death of a partner;
• Any other matter relating to the conduct of business.