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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.
How it works?
Share partnership terms
Provide partner details, capital contributions, profit-sharing ratio, and roles of each partner.
Agreement drafting
Our lawyer drafts the partnership agreement with dispute resolution, exit, and dissolution clauses.
Partner review
All partners review the draft, discuss terms, and finalize the agreement with our lawyer.
Execution & delivery
Final agreement on stamp paper — ready for signing, notarization, and firm registration.
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
Why Legitax
- 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.
- 4.5 Customer Score: Clients are delighted with our service! They have consistently rated us high because of our focus on delivering quality output and providing regular updates.
- 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
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I was really impressed with the quality of legal advice I received. The lawyer was patient, knowledgeable, and took the time to explain everything in detail. It felt like having a personal legal advisor at my fingertips.
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Amritsar, Punjab
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Patna, Bihar
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Lucknow, Uttar Pradesh
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Bhopal, Madhya Pradesh
I've been using the Legitax app and it's really made dealing with legal stuff easier. It's great how I can just open the app and quickly find a legal expert to talk to, no matter what time it is. Every time I've had a question, big or small, I've gotten easy-to-understand answers from their experts. The app is super easy to use too, which is a big plus for me. I feel more confident handling legal things now. Legitax has been a big help!
Vijay Kanoor
Bengalore, Karnataka
The Legal advice I get is straightforward and easy to understand, which is important for me. Using Legitax has taken away a lot of stress when it comes to legal matters. I definitely recommend it to anyone looking for quick and reliable legal help.
Krishnamoorthy B
Chennai, Tamil Nadu
The advocate I connected with on Legitax was incredibly helpful, clearing up many doubts I had. They offered solutions and insights into issues that were affecting my family and me. I've had such a positive experience that I wouldn't hesitate to recommend Legitax to my friends.
Bhavesh Jain
Jaipur, Rajasthan
I was really impressed with the quality of legal advice I received. The lawyer was patient, knowledgeable, and took the time to explain everything in detail. It felt like having a personal legal advisor at my fingertips.
Lata Sharma
Amritsar, Punjab
Very convenient service. I needed urgent legal advice regarding a property dispute and was connected with a qualified lawyer within minutes. The consultation was thorough and the advice was practical and actionable.
Prakesh Ranjan
Patna, Bihar
Excellent platform for legal consultations. The process is seamless and the lawyers are very professional. I got my documents reviewed quickly and the feedback was comprehensive. Highly recommended for anyone needing legal assistance.
Preety Singh
Lucknow, Uttar Pradesh
Legitax made the entire process of getting legal help so much simpler. From consultation to document drafting, everything was handled professionally. The pricing is transparent and reasonable.
Arvind Pratap
Bhopal, Madhya Pradesh
Frequently asked questions
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.
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.
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.
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 takes features from Partnership Firm (minimum two members required, all members known as partners, sharing of profits & losses) and from Company structure (separate legal entity, limited liability, perpetual existence). However, an LLP requires mandatory registration and has more annual compliance requirements compared to Partnership Firm.
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.
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.
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.