The document on which the respective rights and obligations of the members of a partnership are created is called a partnership deed. It should be drafted with care and he signed by all the partners. Partnership deed plays a vital role in identifying duties and responsibilities and saving rights of all partners with regard to any subject. According to the nature of the partnership business, the deed may be following types: There are some definitions derived from the different corner are given below:
Partnership Act. 1932 (Sec-5): “The relation of partnership arises from a contract, not from status”.
Oxford dictionary of business: “Deed of the partnership is a partnership agreement drawn up in the form of a deed”.
J.L.Hanson: “Deed of a partnership is s document drawn up to clarify the respective position of the partners in a business.”
To sum up, it can be said that the partnership deed is a document related to the rights and obligations of the member of a partnership. It is a document that outlines in details the rights and responsibilities of all parties to a business process. It has obliged of law and is intended to conduct the partners in accomplishing of the business.