Partnership Agreement

The following are the main items of Partnership Agreement:

• The name of each partner whether he is a general or limited partner.
• The data and place of partnership.
• The name of the firm.
• The nature of business.
• The duration of partnership, if there is any, or at will.
• How capital is to be provided for and in what proportion.
• Provision of sharing the profit or loss, as the case may be, and the ration of share.
• The management of the firm.
• The keeping of accounts and credit.
• The bank where accounts is to be kept.
• The authority of signing the cheques and important documents.
• Arrangement to provided for death or retirement of any partner.
• Power for arbitration and settlement, if any, dissolution of the firm.