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YOUR ADVOCATE
This week Your Advocate is Barrister Omar Khan Joy, Advocate, Supreme Court of Bangladesh. He is the head of the chambers of a renowned law firm, namely, 'Legal Counsel', which has expertise mainly in commercial law, corporate law, family law, employment and labor law, land law, banking law, constitutional law, criminal law, IPR and in conducting litigations before courts of different hierarchies. Our civil and criminal law experts from reputed law chambers will provide the legal summary advice.****
Query I with my two my friends started a training business. The capital of the business would be around 15 to 20 Lac. All the documents like TIN or Tax are made in the name of “one”. But others are also partner of this business. So for any difficulties which may arise in future, we would like to make a partnership deed. My query is: What are terms and conditions of a partnership deed?
In case of any difficulties, what would be value of that deed?
Is it necessary to make it notary for the purpose of evidence?
Opu Railman Banani
Response
Thank you for your query. There is no prescribed rules regarding the terms and conditions of partnership deed. However, as a matter of standard practice, a partnership deed usually contains the particulars of partners who are parties to the agreement, percentage of share held by each of the partners, contribution made by each of the partners, the consequence of shares held by each partners in case of death of one of the parties, particulars of managing partner, power and functions of each of the partners, procedure to be followed for seeking accounts of the partnership, the procedure to be followed in taking new partners (incoming and outgoing partners) and retirement of partners, what would be the consequence of partnership if one of the partners become insolvent, procedure of dissolution of partnership etc.
The rights and liabilities of partners are governed by the Partnership Deed and the Partnership Act, 1932. According to the Partnership Act, 1932 a partnership can either be registered or unregistered. In case of unregistered partnership, certain provisions of the Partnership Act, 1932 will not be applicable.
With regard to the applicable stamp duty, according to the Stamp Act, 1899, if the total value of the partnership exceed Taka 25,000, the applicable stamp duty shall be Taka 1000.
As a measure of precaution, it would be prudent to engage a lawyer for drafting a partnership deed to avoid any future dispute between the parties
For detailed query contact: omar@legalcounselbd.com..