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ZIMSEC O Level Commerce Notes: Partnership Deed

Partnership Deed (Agreement)

  • Drafted by partners.
  • Contains:
  • The objectives of forming the partnership.
  • The amount of capital each partner is going to contribute towards the partnership.
  • Duties, responsibilities and rights of each partner.
  • Terms and conditions under which the partnership operates.
  • Circumstances under which the partnership can be terminated.
  • Methods employed to settle disagreements.
  • The ration in which profits and losses are to be shared.
  • Salaries and bonuses to be paid to each partner if any.
  • Interest rates charged on capital and drawings.
  • The name of the partnership.
  • Importance:
  • used to form a partnership.
  • Used instead of the Partnership Act.

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