partnership Contract/Agreement/Deed.

Partnership Business comes into existence by an agreement in writting or oral.However,in order to avoid the future dispute and to run the business smoothly by quick decesion it is highly desirable to have a written agrrement  among partners.This written agreement is known as"Partnersgp Agreement"Deed of partnership" or "article of partnership".It is drafted by a commercial lawyer;Income Tax advisiors,Tax advisiors,
and also some other lawyers so that stamps can be used according to the stamps can be used according to the Stamp Act as amended to date.An article of partnership will generally cover the following points:-
1:Name of The firm
2:Name of the partners
3:Nature eof the Business
4:Adres of the Business
5:Duration of the Business
6:Investment of the Capitalk Each Year
7:The Ratio of sharing the income and losses
8:The rate of interest on drawings,on capital and partner's loan(if any)
9: Procedures of Accounts,and name of the parnter(s) who will control?
10:Name of the Business partner/partnere who will control the busines Bank account?
11: Partners Salaries (If any)
12:Disribution of business activities among partners?
13:Matters relatring to the retiremnent,death and admission of partners.
14: Procedure  of settlement of accounts.
15:Arbitration clause to settlement of acconts on dissolution.
16:Any others clause deemed to be necessary for the nature of partnership business.