Partnership Dead or Agreement is a written document in which there is a signature of all the parties (partners) which shows all the matters regarding the mutual rights and duties and liabilities of each partner in the conduct of management of affairs of the partners firm.
Every partnership firm either it is public or private needs to have the partnership dead signed or stamped by all the concerned partners who take part in the establishment of the business.
The Partnership Dead or Agreement is very important as it ascertain the rights and duties of the partners in order to avoid the future clash between the partners the agreement is said to be prepared well checked and then signed with the consent of all the partners of the business.
The partnership agreement lays the foundation of the partnership, based on that partnership dead each partner is assigned some duties to whom they have to follow, the partnership dead is carefully written by the experts in which signature and stamps of all partners are attested and then it is registered with the registrar office as it is a legal document.
Partnership dead can be oral it is not necessary for a small business to register themselves but it is desirable to be written, partnership dead contains the duties and rights regarding the distribution of work of each partner and after that the distribution of profit and loss which is definitely be paid by the partners, it can be equally divided among partners or it may be shared according to the ratio , whichever the agreement is signed by the partners.
Partnership Dead contains the Name of the business which is obviously with the consent of partners, the address of the business where the business is located or established, the nature of the business which type of business will they do, it should not be illegal or any business that becomes cause to harm the general public.
In Partnership Dead the ratio of the investment of the capital of each partner is clearly mentioned how much partner has invested in order to start a business, and then slowly gradually the provision for its re-investment is kept from the profit.
Duties, authorities, power, and time schedule of the each partner is clearly mentioned suppose a business is open 24 hours in a day now it is not possible for a single man to be available for 24 hours , so then the time will be scheduled according to division of hours 8 hours for each partner (partners will work in shift).