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Partnership Deed Online Template for India

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Key Requirements PROMPT example:

Partnership Deed Online

"I need a Partnership Deed Online for a three-partner retail business starting January 2025, with unequal profit sharing (50:30:20) and one sleeping partner, including specific clauses about store management and inventory control responsibilities."

Document background
The Partnership Deed Online is a fundamental legal document essential for establishing formal business partnerships in India. It is primarily used when two or more individuals or entities decide to join forces in a business venture, requiring a clear framework for their collaboration. This document, governed by the Indian Partnership Act, 1932, serves multiple purposes: it defines the capital contribution of each partner, establishes profit-sharing arrangements, outlines management responsibilities, and sets procedures for various business scenarios. The online format makes it accessible and efficient for partners to create, modify, and execute the agreement while ensuring compliance with Indian legal requirements. Partners should utilize this document before commencing business operations to prevent future disputes and establish clear operational guidelines.
Suggested Sections

1. Parties: Details of all partners including full names, addresses, and occupation

2. Background: Brief introduction about the partners and their intention to form a partnership

3. Definitions: Key terms used throughout the deed defined for clarity

4. Partnership Name and Business: The firm's name and nature of business to be carried out

5. Place of Business: Principal place of business and any branch locations

6. Term of Partnership: Commencement date and duration of partnership

7. Capital Contribution: Initial capital contribution by each partner and terms for additional contributions

8. Profit and Loss Sharing: Ratio and method of sharing profits and losses among partners

9. Banking and Finance: Banking arrangements and operation of partnership accounts

10. Management and Decision Making: Day-to-day management responsibilities and decision-making process

11. Rights and Duties of Partners: Fundamental rights and obligations of all partners

12. Restrictions on Partners: Limitations on partners' activities, non-compete provisions

13. Books of Account: Maintenance and audit of partnership accounts and records

14. Retirement and Admission: Process for partner retirement and admission of new partners

15. Death and Incapacity: Procedures following death or incapacity of a partner

16. Dissolution: Circumstances and process for partnership dissolution

17. Dispute Resolution: Method and process for resolving disputes between partners

18. Governing Law: Applicable law and jurisdiction

Optional Sections

1. Intellectual Property Rights: Used when the partnership involves creation or use of intellectual property

2. Goodwill: Include when specifying how partnership goodwill will be valued and dealt with

3. Working Partners: Required when some partners are designated as working partners with special duties

4. Remuneration to Partners: Include when partners receive salary or commission in addition to profit share

5. Leave and Absence: Necessary when defining partners' rights to take leave

6. Insurance: Include when specifying mandatory insurance coverage for business or partners

7. Assignment and Transfer: Used when allowing for transfer of partnership interests

8. Social Media and Communication: Include for partnerships with significant online presence

9. Environmental Compliance: Required for businesses with environmental impact

Suggested Schedules

1. Schedule A - Capital Contributions: Detailed breakdown of each partner's capital contribution

2. Schedule B - Profit Sharing Ratio: Detailed profit and loss sharing arrangements

3. Schedule C - Assets and Properties: List of partnership assets and properties with values

4. Schedule D - Partner Duties: Specific roles and responsibilities of each partner

5. Schedule E - Business Plan: Initial business plan and operational strategy

6. Appendix 1 - Banking Resolution: Bank account operating instructions and authorized signatories

7. Appendix 2 - Compliance Checklist: List of regulatory compliances and licenses required

8. Appendix 3 - Partner Contact Details: Detailed contact information for all partners and key personnel

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions














































Clauses








































Relevant Industries

Retail

Professional Services

Manufacturing

Information Technology

Real Estate

Healthcare

Hospitality

Construction

Trading

Consulting

Agriculture

Education

Financial Services

Transportation and Logistics

Media and Entertainment

Relevant Teams

Legal

Finance

Operations

Management

Compliance

Business Development

Corporate Affairs

Risk Management

Administrative

Strategy

Relevant Roles

Business Owner

Entrepreneur

Managing Partner

Company Director

Chief Executive Officer

Chief Financial Officer

Business Development Manager

Legal Counsel

Corporate Lawyer

Partnership Firm Manager

Finance Manager

Operations Director

Investment Manager

Business Consultant

Professional Partner

Compliance Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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