Here is a format of partnership deed containing illustrative points in a partnership agreement.
- Partnership in writing is compulsory to obtain benefit in Income Tax Act with regard to Section 184 and 185 which allows for claiming interest and remuneration paid to partners as admissible expenses.
- Additional points can be added, existing ones can be modified and unnecessary ones can be omitted. The format contains only illustrative points.
- First page of the Deed shall be in a stamp paper. It is generally taken for Rs.2000/- depending upon whether the partnership contains immovable properties or not.
- The deed shall be signed by all the partners in all pages of the deed.
The deed forms integral part of all kinds of legal and taxation registrations. Therefore, take sufficient copies of Partnership deed and a few notarised copies for other registrations.
It is advisable to get the Partnership firm registered with Jurisdictional Registrar of Firms. The application form relating to the same is in the following link.