Outline ten Contents of a partnership deed
The contents of a partnership deed are;-
- Nature of the business.
- Contribution of the partners (capital).
- Profit sharing ratio.
- Rules for determining interest on capital Method of calculating goodwill.
- Power of partners.
- Accounts and audit.
- Expulsion of partners.
- Procedure for settlement of disputes.
- The provision as to whether the firm will continue in business after the retirement, death or insolvency of the partners.