Define partnership deed. Discuss its main contents.

• A partnership deed is a written document that contains terms and conditions agreed between the partners who enter together in a partnership venture for profit making.
• Having a partnership deed ensures that potential disputes are avoided by clearly defining the terms of mutual agreement. 

The partnership deed normally has the following contents :

1. Name of the firm.
2. Names and addresses of partners.
3. Nature of business.
4. Place of business.
5. Capital contributed by each partner.
6. Profit sharing ratio.
7. Duties, powers and obligations of all partners.
8. Preparation of accounts and their auditing.
9. Whether interest is payable on capital.
10. Whether interest is charged on drawings.
11. Whether interest is payable on loan provided by partner.
12. Whether salary is payable to partners.
13. Method of solving disputes.
14. Provisions regarding dissolution.