Formation of Partnership: A partnership can be formed by an agreement between two or more individuals to carry on a business together and share the profits. The partnership can be created orally or in writing, but it is always advisable to have a written partnership deed to avoid any future disputes.
Partnership Deed: A partnership deed is a written agreement that contains the terms and conditions of the partnership, such as the name of the firm, the names and addresses of partners, the nature of the business, the capital contributed by each partner, profit-sharing ratio, etc. It helps in resolving disputes and clarifies the rights and responsibilities of each partner.
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