Partnership Deed

A partnership deed is a legally binding document that outlines the terms, conditions, rights, and obligations of partners in a partnership business. It serves as the foundational agreement that governs the relationship between the partners and sets out the rules for operating the partnership. In India, partnership deeds are governed by the Indian Partnership Act, 1932.

Types of Partnerships as per Indian Law:

  1. General Partnership:

    • In a general partnership, all partners have unlimited liability for the debts and obligations of the business. They also share the management responsibilities and profits equally unless stated otherwise in the partnership deed.

  2. Limited Partnership:

    • A limited partnership has both general partners and limited partners. General partners have unlimited liability, while limited partners have limited liability, meaning they are only liable up to the amount of their investment in the business.

  3. Partnership at Will:

    • A partnership at will is one where the partnership does not have a fixed term and can be dissolved at any time by any partner.

  4. Particular Partnership:

    • A particular partnership is formed for a specific project or undertaking. Once the project is completed, the partnership is automatically dissolved.

  5. Registered Partnership:

    • A registered partnership is one that is registered with the Registrar of Firms. While registration is not mandatory, it provides legal recognition and certain advantages.

Our Approach for Dealing with Partnership Cases:

  1. Initial Consultation:

    • We begin by conducting an in-depth consultation with our clients to understand their specific situation, the nature of the partnership, and the issues at hand.

  2. Review of Partnership Deed:

    • We carefully review the partnership deed to understand the rights, duties, and responsibilities of each partner, as well as any dispute resolution mechanisms outlined in the agreement.

  3. Legal Analysis:

    • Our team conducts a thorough legal analysis of the case, considering relevant provisions of the Indian Partnership Act, 1932, and any other applicable laws.

  4. Mediation and Negotiation:

    • We explore the possibility of mediation and negotiation to find an amicable resolution to the dispute, preserving the partnership if possible.

  5. Litigation if Necessary:

    • If mediation fails or is not appropriate for the case, we provide aggressive legal representation in court. We prepare a strong case, present arguments, and advocate for our clients’ interests.

  6. Alternative Dispute Resolution (ADR):

    • We consider alternative dispute resolution methods like arbitration or conciliation when appropriate, providing a quicker and more cost-effective resolution.

  7. Compliance and Documentation:

    • We ensure that all legal procedures and documentation are in compliance with the law to safeguard our clients’ interests.

  8. Post-Resolution Support:

    • We provide guidance on post-resolution steps, such as dissolution of the partnership or implementing any changes as per the resolution.