A partnership is the nature of a business where the partners work together to achieve common goals of the business. The partners are allowed to decide the terms and conditions to be followed by them in the growth of the business. The document which contains those terms and conditions is being called as a partnership deed.
The Indian Partnership Act, 1932, governs the several provisions like rights, duties, powers and liabilities of the partners. The partners are free to bind themselves with the provisions they want to build for their business as most of the provisions are subject to contract to the contrary under the Partnership Act. It means that if partners are agreed to the contrary understanding, then they will prevent the Act.>
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There is no specified format prescribed for drafting a partnership deed, but the typical deed contains the following clauses:
In case when the partnership deed is absent, the following rules are to be followed:
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