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In order to understand the partnership deed, the buyer and the owner should acknowledge the existence of this particular deed. While commencing a business deal accompanied by more than two partners, they should map their shares of profit and losses into a written contract also known as partnership deed or agreement.
The collaboration of these business partners agreed by the partnership deed is often termed as partnership firm.
When partners have a partnership deed it helps them with legal responsibilities towards the firm. Partnership deeds do not require registrations and can be used anyway.
Benefits of a well contracted partnership deed:
It is advisable to have a well-drafted partnership deed instead of oral contracts.
Any regulated partnership deed structure must have the following clauses as they are important for the partnership firm: