Practicing Success
Practicing Success
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| A partnership deed should provide: |
Name of the firm and its address Name of the partners Place of the business All of these |
| All of these |
| 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 |
