Question

What is a Partnership Deed?

Answer 1

A Partnership Deed is an agreement between all the partners of the firm. It outlines in detail the rights and responsibilities of all the partners of the firm. The Deed should be written, assented and signed by all the partners.

Contents of the partnership deed include the following:

1. Nature of the firm;

2. Name and address of all the partners;

3. Nature and place of business;

4. Date of commencement of business;

5. Ratio in which the partners share their profits;

6. Interest on capital and drawings; etc.