Common Contracts
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Partnership deed pdfJuly 8th, 2023
A Partnership Agreement is an agreement between two or more individuals who would like to manage and operate a business together in order to make a profit. It is a common business structure in India and can be contrasted to other common business structures such as a sole proprietor, an LLP, a company, or a trust. In a partnership, several partners are able to work together (unlike a sole proprietor). Each partner shares a portion of the partnership's profits and losses, and each partner is personally liable for the debts and obligations of the partnership. Compared to a company or a trust, a partnership can have lower setup and administration costs. However, while companies and trusts offer some protections against liability, a partnership does not. A partnership is not a separate entity from the partners. If the partnership incurs a liability, the partners are personally responsible for it. Furthermore, a partner can become liable for debts that another partner has incurred on behalf
