<\/span><\/h2>\n\n\n\nNAME OF THE FIRM:<\/strong> The name of the firm must not be identical or similar to the name of existing firms.<\/p>\n\n\n\nPRINCIPAL PLACE OF THE BUSINESS:<\/strong> The address of the firm where business is to carried out must be given.<\/p>\n\n\n\nNATURE OF THE BUSINESS:<\/strong> Partners must decide what kind of business the y would do collectively.<\/p>\n\n\n\nCOMMENCEMENT OF PARTNERSHIP:<\/strong> Deed must mention the date on which partnership business is going to start.<\/p>\n\n\n\nDURATION OF PARTNERSHIP:<\/strong> the period of partnership must be decided.<\/p>\n\n\n\nCONTRIBUTION OF CAPITAL:<\/strong> How much capital will be contributed by each partner must be decided. The capital may be contributed by the partners in their profit sharing ratio or equally.<\/p>\n\n\n\nPROFIT SHARING RATIO: <\/strong>The partners must decide their mutual profit sharing ratio. In the absence of this, the partners will distribute the profits\/losses in equal ratio.<\/p>\n\n\n\nPARTNER\u2019S DRAWINGS:<\/strong> The right of partners to make withdrawal from the business must be mentioned in the partnership deed along with the limit of the withdrawal.<\/p>\n\n\n\nINTEREST ON DRAWINGS:<\/strong> Partnership deed must state the rate of interest on drawings to be charged from partners. <\/p>\n\n\n\nINTEREST ON CAPITAL: <\/strong>What will be the rate of interest on capital of partners must be written in partnership deed. It should also be preferably be stated that in the event of losses, will partners get interest on capital.<\/p>\n\n\n\nINTEREST ON LOAN:<\/strong> What will be the rate of interest on loan to be charged must be mention in the deed.<\/p>\n\n\n\nPARTNERS SALARIES, FEES, BONUS, AND COMMISSION:<\/strong> Will the partners get salaries, bonus, fees, commission from the firm for the work done by them. If yes, then the amount must be specified in the agreement.<\/p>\n\n\n\nMETHOD OF KEEPING ACCOUNTS:<\/strong> The accounts of the firm may be kept on cash basis, mercantile basis or hybrid system.<\/p>\n\n\n\nDUTIES, POWERS AND FUNCTIONS OF PARTNERS:<\/strong> The partnership deed must mention the powers, duties, rights and functions of the partners.<\/p>\n\n\n\nVALUATION OF GOODWILL:<\/strong> The method of valuation of goodwill on admission, retirement, death of a a partner and dissolution of firm must be decided.<\/p>\n\n\n\nBANK ACCOUNT:<\/strong> Which partner will operate business account, must be mentioned in the partnership deed. <\/p>\n\n\n\nREFUND TO RETIRING PARTNER:<\/strong> How the firm would refund the share to the retiring partner should be mentioned in the deed.<\/p>\n\n\n\nVALUATION OF ASSETS:<\/strong> The manner in which the assets of the firm should be revalued in case of reconstitution of the firm.<\/p>\n\n\n\nACCOUNTING PERIOD:<\/strong> The date on which the books of accounts will be closed every year.<\/p>\n\n\n\nARBITRATION CLAUSE: <\/strong>In case of dispute among the partners, how the matter would be resolved? Who will be the arbitrator? How the arbitrator will be appointed?<\/p>\n\n\n\nUSE OF THE DECISION OF THE GARNER VS. MURRAY:<\/strong> Whether decision in the case of Garner Vs. Murray is to apply in case of insolvency of the partner.<\/p>\n\n\n\nAUDITING: <\/strong>Whether the firm\u2019s books will be audited or not? If so, the mode of auditor\u2019s appointment.<\/p>\n\n\n\n