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Business Partnership Agreement

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1678 People purchased

Last Updated: Apr 16, 2024
4.4 LegalKart reviews and ratings

Business Partnership Agreement

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BUSINESS PARTNERSHIP AGREEMENT

Business Partnership Agreement is a written agreement between the partners who would like to do a business togather and that outlines the terms and conditions of partnership among the partners inter se and prescribes the profit & loss sharing ratio amongst them. This agreement will also define the mutual responsibilities for the partners. 

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Contents of Partnership Agreement

A well drafted Partnership Agreement contains the following:

  • Definition of business
  • Number and name of partners
  • Name of business
  • Commencement date
  • Registered office
  • Business contributions
  • Profit/loss sharing ratio
  • Revenue Share details
  • Term of the business partnership
  • Roles & Responsibilities of Partners
  • Accounts
  • Admission of new partners
  • Notice
  • Non-Compete
  • Confidentiality

Laws governing the Partnership Agreement in India

The different laws which govern various aspects of Partnership Agreement in India are as follows:

  • Partnership Act, 1932 and the rules framed thereunder
  • The Indian Contract Act, 1872
  • Foreign Exchange Management Act, 1999
  • Consolidated FDI Policy, 2020

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  • Senior Corporate Expert Lawyers: We will get your document drafted/reviewed by Senior Expert Corporate lawyers. You can track the progress of your document on our platform at all times.
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  • Responsible Delivery: Our team of experienced business advisors are just a phone call away. Our team will ensure that your interaction with the expert lawyer is smooth and seamless and the document draft is delivered to you within the committed timeline.

Deliverables

Our standard deliverables for every document drafting includes:

  • 30 Minutes of Talk-Time with the Lawyer for drafting/reviewing the Agreement
  • First draft of the documents will be delivered to you within a maximum of 3 working days
  • Post-delivery of the first draft – 2 Iterations per Document to incorporate your suggestions/changes

Startup Documents

Business Partnership Agreement

₹6499

₹ 19999 (70% Off) ₹15500 Save

Gross Total

₹6499

Deliverables *

1) Partnership Agreement drafting 

2) Consultation call with the expert lawyer

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Frequently Asked Question

What is a Partnership Firm?

A partnership firm is an organization which is constituted by two or more persons to run a business with a goal of earning profit. Each member of such firm is known as a partner and collectively the firm is known as a partnership firm.

Is there any limit on the number of partners in a Partnership Firm?

There hasn’t been any limit provided on the number of partners according to the Partnership Act, 1932. However, this limit has been prescribed as 50 as per Rule 10 of Companies (Miscellaneous) Rules, 2014.

What are the benefits of a Partnership Firm?

Some of the benefits of a Partnership Firm are mentioned below:-

●   Simplest form of business structure (if there are multiple partners)

●   Sharing of responsibility and liability among the partners

●   Sharing of losses among the partners

●   More capital can be contributed as there are multiple partners

●   Lesser compliances have to be undertaken

●   Registration of Partnership Firm is not mandatory

●   There can be different types of partners, such as active, dormant, etc.

How is an LLP different from a Partnership Firm?

A Limited Liability Partnership (LLP) is a relatively newer form of business structure that has been introduced by Limited Liability Partnership Act, 2008. It is sort of a hybrid structure that mutually takes some important features of two business structures, i.e. a Company and a Partnership Firm.

  • LLP as a Partnership Firm

It takes some features from the Partnership Firm, in as much as minimum two number of members are required to start the business, all the members are known as partners and they share profits & losses arising out of the business.

  • LLP as a Company

Moreover, an LLP also enjoys some of the benefits of the Company structure, such as separate legal entity, limited liability of the partners, perpetual existence, etc.

  • Number of Compliances

However, an LLP, though enjoys certain benefits of both Partnership Firm as well as Company structure, also suffers from compliance perspective. An LLP has to be mandatorily registered and the number of annual compliances also increases considerably in comparison to Partnership Firm structure.

Is Partnership Deed required to be notarized?

Yes, it's necessary to notarise a partnership deed. Notarization and registration lends a legality to the deed without which the partnership will just be an agreement without enforceability.

Is it mandatory to register a Partnership Firm?

As per the Partnership Act 1932, it is not compulsory to register a partnership firm. The firm does not have a separate legal identity and registration (or no registration) will not alter this fact. However, registration is the definite proof of the existence of the firm and its legality and there are some certain benefits of the same.

Is there any time period for registering as a partnership firm?

There is no time allotted for the registration of partnership firm. It can be registered anytime, as per partner’s choice that is before the start of business or even after its commencement.

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Business Partnership Agreement

LegalKart reviews and ratings LegalKart reviews and ratings LegalKart reviews and ratings LegalKart reviews and ratings LegalKart reviews and ratings 4.4 / 5 ( 1707 Reviews)
People purchased

1678 People purchased

Startup Documents

Business Partnership Agreement

₹6499

₹ 19999 (70% Off) ₹15500 Save

Gross Total

₹6499

Deliverables *

1) Partnership Agreement drafting 

2) Consultation call with the expert lawyer

Show More Deliverables Points
Show Less Deliverables Points

We Accept

LegalKart Payment Gateways