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A partnership deed usually contain the particulars relating to
- a)Name of firm and partners.
- b)Nature of business and duration of firm.
- c)Capital contribution, profit/loss sharing ration and other agreed terms.
- d)All of these.
Correct answer is option 'D'. Can you explain this answer?
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A partnership deed usually contain the particulars relating toa)Name o...
Particulars in Partnership Deed
A partnership deed is a legal document that outlines the terms and conditions of a partnership and the roles and responsibilities of each partner. It is a crucial document that helps to avoid misunderstandings and conflicts between partners in the future. The particulars that are usually included in a partnership deed are:
1. Name of the firm and partners:
The name of the partnership firm should be unique and should not be similar to any existing firm. The names of all partners along with their addresses and contact details should be mentioned in the deed.
2. Nature of business and duration of the firm:
The partnership deed should clearly state the nature of the business that the firm will engage in. It should also mention the duration for which the partnership will exist. The duration can be for a fixed period or until the completion of a particular project.
3. Capital contribution, profit/loss sharing ratio, and other agreed terms:
The partnership deed should specify the amount of capital that each partner will contribute to the business. It should also mention the profit/loss sharing ratio among the partners. Other terms that may be included are the salaries or drawings that partners are entitled to, the method of accounting to be used, and the procedures for admitting or expelling partners.
Conclusion:
In conclusion, a partnership deed is a crucial document that outlines the terms and conditions of a partnership. It should include the name of the firm and partners, the nature of business and duration of the firm, capital contribution, profit/loss sharing ratio, and other agreed terms. A well-drafted partnership deed can help to avoid misunderstandings and conflicts between partners and ensure the smooth running of the business.
A partnership deed is a legal document that outlines the terms and conditions of a partnership and the roles and responsibilities of each partner. It is a crucial document that helps to avoid misunderstandings and conflicts between partners in the future. The particulars that are usually included in a partnership deed are:
1. Name of the firm and partners:
The name of the partnership firm should be unique and should not be similar to any existing firm. The names of all partners along with their addresses and contact details should be mentioned in the deed.
2. Nature of business and duration of the firm:
The partnership deed should clearly state the nature of the business that the firm will engage in. It should also mention the duration for which the partnership will exist. The duration can be for a fixed period or until the completion of a particular project.
3. Capital contribution, profit/loss sharing ratio, and other agreed terms:
The partnership deed should specify the amount of capital that each partner will contribute to the business. It should also mention the profit/loss sharing ratio among the partners. Other terms that may be included are the salaries or drawings that partners are entitled to, the method of accounting to be used, and the procedures for admitting or expelling partners.
Conclusion:
In conclusion, a partnership deed is a crucial document that outlines the terms and conditions of a partnership. It should include the name of the firm and partners, the nature of business and duration of the firm, capital contribution, profit/loss sharing ratio, and other agreed terms. A well-drafted partnership deed can help to avoid misunderstandings and conflicts between partners and ensure the smooth running of the business.
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A partnership deed usually contain the particulars relating toa)Name o...
Partnership deed is a written agreement which is signed by all the partners of a firm as a conditions or we can say promises. it includes every small detail of the firm and partners like name of firm and partners, nature of business org. and duration of a firm capital contribution loss or profit sharing ratios, interest on loan , interest on drawings , interest on capital etc
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A partnership deed usually contain the particulars relating toa)Name of firm and partners.b)Nature of business and duration of firm.c)Capital contribution, profit/loss sharing ration and other agreed terms.d)All of these.Correct answer is option 'D'. Can you explain this answer?
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