hints for drafting a good instrument of partnership...

HINTS FOR DRAFTING A GOOD INSTRUMENT OF

PARTNERSHIP / PARTNERSHIP DEED

1/10/2017 CA. UMESH BOLMAL, BELGAUM

PARTNERSHIP DEED

CA. UMESH BOLMAL

BELGAUM

HINTS FOR DRAFTING A GOOD INSTRUMENT OF


CA. UMESH BOLMAL, BELGAUM

PARTNERSHIP DEED

BY

CA. UMESH BOLMAL

BELGAUM

1. How and whyAct, 1932 was


why Indian Partnershipwas enacted?


2. Is it necessaryprovisionsPartnership


Partnershipunderstandingof Income Taxtaxation of

necessary to study theof Indian

Act, 1932 for


Act, 1932 forunderstanding the provisions

Tax Act relating topartnership firms?

3. WhetherPARTNERSHIPPARTNERSHIP”


PARTNERSHIP”terms?

“INSTRUMENT OFand “DEED OF

PARTNERSHIP” are identical


PARTNERSHIP” are identical

4. What are thesatisfiedfirm as per


firm as perIndian Partnership

the conditions to befor a partnership

per the provisions of


per the provisions ofPartnership Act, 1932?

5. What is thepapers to bea partnership


a partnershipchange infirm?

the value of stampbe purchased to form

partnership or when there is


partnership or when there isconstitution of the

6. What are minimumnumber ofpartnership


partnership

minimum and maximumpartners that a

partnership firm should have?


partnership firm should have?

7. Who can become


become a partner?


8. Minor as a


a partner


9. Whether stampbefore sixfor drafting


for draftingpartnership?

stamp papers purchasedmonths can be used

drafting the Instrument of


drafting the Instrument ofpartnership?

10. When an instrument of partnership becomes defective?


When an instrument of partnership becomes defective?


INSTRUMENT OF



INSTRUMENT OF



PREAMBLE


PREAMBLE


1. NAME OF THE FIRM


NAME OF THE FIRM


2. COMMENCEMENT AND DURATION


COMMENCEMENT AND DURATION


3. BUSINESS OF FIRM


BUSINESS OF FIRM


4. CAPITAL OF PARTNERS


CAPITAL OF PARTNERS


5. INTEREST TO PARTNERS


INTEREST TO PARTNERS


6. WORKING PARTNERS AND THEIR REMUNERATION


WORKING PARTNERS AND THEIR REMUNERATION


7. SHARE OF PARTNERS IN PROFIT AND LOSSES


SHARE OF PARTNERS IN PROFIT


8. ACCOUNTING YEAR


ACCOUNTING YEAR


9. BOOKS OF ACCOUNTS


BOOKS OF ACCOUNTS


10. ADMISSION OF NEW PARTNER


ADMISSION OF NEW PARTNER


11. RETIREMENT OF PARTNER


RETIREMENT OF PARTNER


12. BANK ACCOUNTS


BANK ACCOUNTS


13. LOANS FROM BANKS OR FINANCIAL INSTITUTIONS


LOANS FROM BANKS OR FINANCIAL INSTITUTIONS


14. PARTNERSHIP PROPERTY


PARTNERSHIP PROPERTY


15. DEATH OF PARTNER AND DISSOLUTION OF FIRM


DEATH OF PARTNER AND DISSOLUTION


16. ARBITRATION CLAUSE


ARBITRATION CLAUSE


THANK YOU


THANK YOUTHANK YOU


THANK YOU

hints for drafting a good instrument of partnership...

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