A partnership deed is a legal document that outlines the terms and conditions of a partnership between two or more individuals or entities. In Pakistan, a partnership deed is commonly used to establish a partnership between two or more individuals in a business venture.
A partnership deed in Pakistan typically includes the following information:
- The names and addresses of the partners
- The nature of the partnership business
- The capital contributions of each partner
- The profit and loss sharing ratio among the partners
- The management and control of the partnership business
- The rights, duties and responsibilities of each partner
- The duration of the partnership
- The method for dissolution of the partnership
- Any other terms and conditions agreed upon by the partners.
It is important to note that a partnership deed is a legal document, and should be prepared by a lawyer or other legal professional. It’s advisable to consult with a lawyer for specific guidance and help in the preparation of the partnership deed. Additionally, a partnership deed does not need to be registered with any government authority, but it’s recommended to keep the original or a certified copy of the partnership deed, as it serves as proof of the partnership in the eyes of law