Question

What is the main content of the partnership deed?

Answer 1

The name of the firm.

Name and addresses of the partners.

Nature of the business.

The term or span of the association.

The measure of cash flow is to be contributed by each partner.

The drawings that each partner can make.

The interest is to be permitted on capital and charged on drawings.

Privileges of partners.

Obligations of partners.

Compensation to partners.

The technique utilized for ascertaining goodwill.

Profit and loss sharing proportion.

Also see:

• Nature of Partnership
• Partnership Deed
• Difference Between Partnership Firm and Company
• MCQs on Partnership Deed

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