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Question
What is the meaning of Partnership Deed?
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Solution
Through a partnership agreement need not necessarily be in writing, it is important to have a written agreement in order to avoid misunderstandings; it is desirable to have a written agreement. A carefully drafted partnership deed helps in ironing out differences that may develop among partners and in ensuring the smooth running of the partnership business. It should be properly stamped and registered.
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RELATED QUESTIONS
Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
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