Question

A partnership deed is ______.

Options

• A written Legal Document

• A Verbal Understanding

• For sole proprietor and partnership

• All of these

Answer 1

A partnership deed is a written legal document.

Explanation:

• A partnership deed is a written legal instrument that outlines the rights, duties, and responsibilities of all partners in a partnership firm.
• It helps to avoid arguments by explicitly clarifying the partnership’s parameters.
• Though oral agreements are acceptable, a formal deed is always preferred for legal clarity.