There are different kinds of business relationships, you can opt to work solo or find another business partner who shares your business goals and principle. Finding the right partner can be painstaking and requires a lot of effort toppled with research. It is important that you need to know your partner before formalizing the agreement. You need to make sure that your business partner shares your ideals, and that you are on the same page as some partnerships may last quite a long time. Once you and your partner have come to an understanding, a partnership deed is a document that should legally bind the deal. To learn more about this, let us discuss this further below. And if you need to start working on this document, then we’ve got a list of partnership deed samples that are downloadable for free.
9+ Partnership Deed Samples
1. Partnership Deed Sample
2. Partnership Deed Template
3. Deed of Partnership
4. Draft Partnership Deed
5. Partnership Deed Agreement
6. Reconstitution of Partnership Deed
7. Specimen of Deed of Partnership
8. Sample Deed Partnership Agreement
9. Deed of Partnership Sample
10. Supplementary Deed of Partnership
What Is a Partnership Deed?
Companies that need to partner up with other organizations or entities are advised to execute an agreement. This may be as simple as a partnership agreement or if you want to register the partnership in a court of law, then you need to prepare a partnership deed. This document is an agreement between the partners of a firm that outlines the terms and conditions of the partnership. A partnership firm is one of the popular types of organizations for starting a new business. It is important to set things in perspective once two companies decide to go on a joint venture. Each party would need to protect their best interest, most especially when businesses are always prone to disagreements, money, or any other internal conflict. With a partnership deed, you are able to establish various policies that would govern the partnership.
How To Create a Partnership Deed?
In order to bring clarity to the partnership, executing a partnership deed should be able to specify and identify the differences in responsibilities and positions of partners in a business. It will serve as a reference in case there is any misunderstanding in the future, the deed must include all the legal details related to the firm. Also, a business partnership isn’t just between two parties but could be made between more partners. Now, there is no standard format when creating a partnership deed but it should be able to contain the following important components.
I. Purpose of the Partnership
It must be stated why two or more entities have decided to enter a partnership. Don’t forget to include the names and addresses of the parties and other relevant information.
II. Duration of the Partnership
Include the date on which the partnership was established, and long would it be valid.
III. Location of the Business Partnership
Write down the address of the principal location(s) where the firms should operate.
IV. Profit/Loss Share
Determine what percentage or ratio should be divided between the partners.
Contribution of the firm’s capital, cash, property, goods, or services on the agreed-upon interest to be paid to the partners.
VI. Salary and Commissions
Identify the percentage of the salaries and commissions of the business partners.
VII. Capital Withdrawals
Policy regarding the drawings from the firm that is allowed from each partner and interest if any to be paid by the partner, to the firm on such drawings.
VIII. New Partners, Dissolving and Withdrawals
In case there is a need to dissolve the partnership, perhaps should one of the partners decide to withdraw or another partner wants to join the team then it is important to include terms and rules on how to go about it.
IX. Duties & Obligations of partners
A set of rules, duties, and obligations must be clearly stated in the document which the partners must follow.
X. Accounts and Audits
Accurate and complete books of account of the firm’s transactions should be available at all reasonable times and open to inspection and examination by any partner.
How is a Partnership Agreement different from a Partnership Deed?
A partnership deed is registered in court whereas an agreement is not.
What Is the Benefit of having a Business Partner?
One of the benefits of having a business partner is that you are able to split the cost of expenses and other expenditures. Another thing is there is more capital for the business.
What are the types of Partnership Deeds?
These are general partnerships where the partners share equal rights and responsibilities in relation to the business; limited partnerships which involve one general partner with unlimited liability and other partners with limited liability and limited liability partnerships where each partner holds liability to the extent of their investment in the business.
A partnership deed is an important document for companies that needs a partner to expand their business. To make it easier for your to prepare this deed, download our free templates now!
FREE 11+ Joint Venture Agreement Samples & Templates in PDF ...
FREE 31+ Agreement Format Samples in MS Word PDF
FREE 19+ Sample Real Estate Purchase Agreement Templates in ...
FREE 14+ Deed of Discharge Samples & Templates in PDF MS Word
FREE 10+ Charity Partnership Agreement Samples & Templates in ...
FREE 7+ Sample Partnership Dissolution Agreement Templates in ...
FREE 17+ Sample Software Development Agreement Templates in ...
FREE 10+ Restaurant Partnership Agreement Samples in MS Word ...
FREE 17+ Land Purchase Agreement Templates in PDF MS Word ...
FREE 5+ Music Agreement Contract Samples in MS Word PDF
FREE 10+ Investment Agreement Samples in PDF MS Word ...
FREE 15+ Sample Real Estate Partnership Agreement Templates in ...
FREE 7+ Sample Business Agreement between Two Parties in PDF ...
FREE 16+ Trust Agreement Samples in MS Word Pages | Google ...
FREE 10+ Sample Warranty Deed Forms in MS Word PDF