A partnership deed is treated as the fundamental charter of the partnership.It is a written agreement governing the rules and regulations of the partnership.

“Partnership Deed”, as stated above, must contain:

• The amount of capital contributed by each partner
• Profit or loss sharing ratio
• Salary or commission payable to any partner, if any
• Duration of business, if any
• Name and address of the partners and the firm
• Duties and powers of each partner
• Nature and place of business; and
• Any other terms and conditions to run the business

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A Partnership is defined by the Indian Partnership Act, 1932, as ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’.

This definition gives three minimum requirements to constitute a partnership:

1. there must be an agreement entered into orally or in writing by the persons who desire to form a partnership,
2. the object of the agreement must be to share the profits of business intended to be carried on by the partnership, and
3. the business must be carried on by all the partners or by any of them acting for all of them.

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