Partnership contracts are official documents commenced between the two on more business entities, individuals and organization for initiating a new trade, sharing corporate interests with the owner and participating in the benefits and losses. A partnership contract can be a government or a private contract. Hence, any violation to the mentioned terms can bring the dissolution of the contract.
Types of the partnership contract: Business partnership contract, limited business partnership contract, employee partnership contract and many others. Such a contract is based on the responsibilities, ethical working strategies and partnership share.
A partnership contract is based on the following mentioned attributes:
(a) Partnership contract number and date on which the contract is to be registered.
(b) Type of the Partnership contract.
(c) Introduction of all the partners consisting of their names, authenticated address and working contact number.
(d) Mention the details of the business for which the partnership is commenced including category and address.
(e) Date on which the contract is commencing.
(f) Discuss all the covenants and conditions for all partners to run the business or the commitment. This includes the partnership ratio, division of profits and losses.
(g) Signature of all partners along with the name of organizations or company type.
(h) Approved by the lawyer: signatures and address.
(i) Signature of the witnesses.