DEFINE PARTNERSHIP DEEDS AND ALSO STATE ITS IMPORTANCE

PARTNERSHIP DEED 

Partnership Deed is a document which includes the terms and conditions of the contract between partners is often called “Partnership Deeds”

The partnership arises the best thus of a contract between two or more persons. It does not come up by the operation of law. The contract need to be in excellent faith and must be for lawful object and rationale between competent persons. It describes the rights and duties of the partners in a firm and known as a partnership deed. It's written type. Additionally, it is termed as Article of Partnership. Hence, partnership deed is written document which involves the phrases of partnership as agreed by means of the partners.

 IMPORTANCE OF PARTNERSHIP DEED 

 Following are the essential importance of Partnership Deed:

 (i) It regulates the rights and duties and liabilities of each partner.
 (ii) It helps to avert any misunderstanding among the partners considering the fact that of all the terms and conditions had been laid down beforehand in the deed.
(iii) Any dispute arises between the partners may be settled through referring partnership deed.

Therefore, it's fascinating to have a written partnership deed duly signed by means of the partners and registered under the law.