In a partnership firm, two or more individuals are responsible for managing and operating a company in accordance with the terms and objectives stated in the partnership deed. It is owned, managed, and governed by a group of people with vested financial interests. Small and medium-sized businesses frequently use partnership firms in the unorganized sectors, and they are typically easy to start up.

Details and documents required for partnership deed preparation:

• Name of the partners
• Nature of business activity
• Duration of Partnership
• Name of the Firm
• Capital contribution
• Profit & loss sharing ratio
• borrowings each partner can draw
• Preparation of accounts of the firm
• Powers of partners
• Retirement & expulsion of partners
• Death of partner
• Dissolution of firm
• Settlement of disputes (arbitration clause)
• Any other required clause etc.