Partnership Agreement And Contents Of The Agreement
Partnership Agreement And Contents Of The Agreement
Friday, June 19, 2020
PARTNERSHIP AGREEMENT
When two or more than two persons doing business combine with purpose to get profit, it is called partnership. To run a partnership an agreement among the partners is essential which is called partnership agreement. It may be written or oral. Partnership agreement is also known as articles of partnership & partnership deed.
Contents of the Agreement
1. The name of firm & the location.
2. Nature of business.
3. The length of life of the partnership.
4. The names and addresses of partners.
5. The amount of investment by each partner.
6. The profit sharing ratio of the partners.
7. Name of the partner they are in management.
8. A provision of salaries & commission to partners.
9. Rights, duties and liabilities of partners.
10. A provision of dissolution of the partners.
11. Procedure of admission of a new partner.
12. A provision of the method of settlement of disputes.
13. Determination of rate of Interest on capital & Interest on loan.
14. The name of the banker.
15. Names of auditors.
16. The singing authority of the check.
17. A provision of the retirement of a partner & dissolution of firm.
18. Determination of goodwill & bonus to partners.
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