Need Help with Your Partnership Agreement?

Your Reliable Legal Support for Partnership Agreements

Creating a partnership agreement is essential for a smooth business relationship. Our dedicated legal team is here to guide you through the process, ensuring that every detail is clear and that your interests are well protected.

Legal Assistance for Partnership Agreement Creation

Simple and straightforward legal advice on drafting partnership agreements, covering key terms and responsibilities.

Skilled negotiation and support to address any disputes between partners effectively.

Help with understanding your rights and obligations, and ensuring compliance with partnership laws.

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Introduction:

Under the Indian Partnership Act, a partnership has been defined as the relation between two or more persons who have agreed to share the profits of the business carried on by all or any of them acting for all. It would always be advisable to have partnership agreement in writing. There are five essential elements of a partnership –Partnership Agreement (Preferably in writing), 2 or more people, and operation of a business, profit sharing and mutual agency between the partners. This agreement defines the terms and conditions of partnership along with profit and loss share amongst the partners.

Basic Contents Of A Partnership Agreement:

A well-drafted partnership agreement is essential for establishing the terms of the partnership. The following are the basic contents that should be included in a partnership agreement:

  • Operation of Business to be conducted.
  • Number of partners and their names along with requisite details.
  • Business details like type of business.
  • Contribution details to the business of all partners.
  • Commencement date and place of business, geographical location/area.
  • Registered office (Head office place and branches if applicable).
  • Ratio distribution of profit and loss.
  • Revenue share of each partner.
  • Terms and conditions of the business.
  • Role and responsibilities of all partners.
  • Terms of admission/removal of partners.
  • Accounts and ledger.
  • Non-compete clause.
  • Trademark, copyright clause.
  • Notice.
  • Confidentiality clause.
  • Arbitration clause (If agreed and applicable).

GOVERNING LAWS –:

  • Indian Partnership Act, 1932
  • The Indian Contract Act, 1872
  • Consolidated FDI Policies

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