What items do you think should be in a partnership contract?

Expert Solution

There's no specific defined list of items to be included in a partnership contract. The partners may add as many items as they deem fit and required for their partnership agreement.

However, a proper partnership contract must contact the following:

1. Details of partnership firm, particulars of all partners.

2. Nature of business to be conducted or carried on by the said partnership.

3. Amount of capital contribution made/required to be made by partners.

4. The detail and description of Profit Sharing ratio among partner.

5. What will happen in case of Death/Retirement of any partner?

6. Policy description relating to handle dispute among partners, or with or against the firm.

7. Amount or % of Interest on Capital, if any, on the capital contribution.

8. Withdrawals of capital allowed.

9. Amount of Salary allowances to partners.

10. Statement regarding the process in case of dissolution of the firm

ekkarill92 answered 1 year ago

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