Partnership deed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2016
Is it mandatory to get partnership deed attested from notary?
12 June 2016
Dear Anonymous,
No, it is not mandatory to get the partnership deed arrested from notary. However some banks insists on a notarized deed copy. But it is not mandatory.
13 June 2016
its not the necessary but income tax deptt. and other deptt demand the same.
13 June 2016
No department can claim the partnership deed to be notarized. however if you want to notarize the deed please BE SURE THAT THE P.DEED DATE AND NOTARY DATE IS THE SAME. Else it'll create problem when registering the firm with the registrar of firms in the future if you so decide.
13 June 2016
if partnership Deed is notarized and after a year or 2 assessee makes changes in clause of partnership deed say salary of partners, profit sharing ratio, or relating to admission and retirement of partner but fails to get the deed notarized after such changes. will this create problem for the partnership firm if case is called for in scrutiny.
15 June 2016
Dear Tanvi,
It will not create any issue. They have no right to call for notarizing the deed. it is the will of the partners.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2016
I was reading a partnership deed, in which I noticed a clause which is as follows.....
"That both the partners are working partners and will be entitled to draw salary from partnership concern @ rs 10000 each per month and salary can be increased/decreased with the mutual consent of the partners"
So my question is whenever partners will change the amount of salary with mutual consent, is it required by partners to attach any addendum to the deed regarding such change or they should amend the deed or nothing is required to be done in case of such change?
"That both the partners are working partners and will be entitled to draw salary from partnership concern @ rs 10000 each per month and salary can be increased/decreased with the mutual consent of the partners"
So my question is whenever partners will change the amount of salary with mutual consent, is it required by partners to attach any addendum to the deed regarding such change or they should amend the deed or nothing is required to be done in case of such change?
17 June 2016
yes even in this case an addendum deed is required
Message likes :
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17 June 2016
Sir, could you please provide the format of addendum to partnership deed....
09 August 2024
Certainly! An addendum to a partnership deed is used to make amendments or add new terms to an existing partnership agreement. Here’s a general format for an addendum to a partnership deed:
---
**Addendum to Partnership Deed**
**This Addendum** is made on this [Date] day of [Month, Year], to the Partnership Deed dated [Original Deed Date] executed between:
1. **[Partner 1’s Name]**, residing at [Address] (hereinafter referred to as "Partner 1").
2. **[Partner 2’s Name]**, residing at [Address] (hereinafter referred to as "Partner 2").
**Whereas:**
- The Partners entered into a Partnership Deed dated [Original Deed Date] (hereinafter referred to as "Original Deed").
- The Partners wish to amend certain terms and conditions of the Original Deed.
**Now, Therefore, it is agreed as follows:**
### **1. Amendment to the Original Deed**
**Clause [Number] - [Title of the Clause]:**
- **Original Clause:** [Text of the original clause as it appears in the Original Deed.]
- **Amended Clause:** [New or amended text of the clause.]
**Clause [Number] - [Title of the Clause]:**
- **Original Clause:** [Text of the original clause as it appears in the Original Deed.]
- **Amended Clause:** [New or amended text of the clause.]
[Add more clauses as necessary]
### **2. New Terms and Conditions**
**Clause [Number] - [Title of the New Clause]:**
- [Text of the new clause to be added.]
### **3. Effect of Addendum**
- All other terms and conditions of the Original Deed not amended or affected by this Addendum shall remain unchanged and in full force and effect.
### **4. Execution**
- This Addendum shall be deemed to be part of the Original Deed and shall be read in conjunction with it.
**In Witness Whereof**, the parties hereto have set their hands and seals to this Addendum on the day, month, and year first above written.
**Partner 1:**
Signature: __________________________
Name: [Partner 1’s Name]
**Partner 2:**
Signature: __________________________
Name: [Partner 2’s Name]
**Witnesses:**
1. **[Witness 1’s Name]**
Signature: __________________________
Address: __________________________
2. **[Witness 2’s Name]**
Signature: __________________________
Address: __________________________
---
### **Notes for Customization:**
- **Specific Clauses:** Clearly specify which clauses of the original deed are being amended. Include both the original text and the new text for clarity.
- **New Clauses:** If adding new terms or conditions, ensure they are clearly outlined.
- **Signatures:** Ensure all partners sign the addendum, and include witness signatures if required by local regulations.
### **Legal Consultation:**
It’s a good practice to consult with a legal professional to ensure the addendum complies with local laws and accurately reflects the agreed changes.
Feel free to adjust the format to fit the specific needs and circumstances of the partnership.
---
**Addendum to Partnership Deed**
**This Addendum** is made on this [Date] day of [Month, Year], to the Partnership Deed dated [Original Deed Date] executed between:
1. **[Partner 1’s Name]**, residing at [Address] (hereinafter referred to as "Partner 1").
2. **[Partner 2’s Name]**, residing at [Address] (hereinafter referred to as "Partner 2").
**Whereas:**
- The Partners entered into a Partnership Deed dated [Original Deed Date] (hereinafter referred to as "Original Deed").
- The Partners wish to amend certain terms and conditions of the Original Deed.
**Now, Therefore, it is agreed as follows:**
### **1. Amendment to the Original Deed**
**Clause [Number] - [Title of the Clause]:**
- **Original Clause:** [Text of the original clause as it appears in the Original Deed.]
- **Amended Clause:** [New or amended text of the clause.]
**Clause [Number] - [Title of the Clause]:**
- **Original Clause:** [Text of the original clause as it appears in the Original Deed.]
- **Amended Clause:** [New or amended text of the clause.]
[Add more clauses as necessary]
### **2. New Terms and Conditions**
**Clause [Number] - [Title of the New Clause]:**
- [Text of the new clause to be added.]
### **3. Effect of Addendum**
- All other terms and conditions of the Original Deed not amended or affected by this Addendum shall remain unchanged and in full force and effect.
### **4. Execution**
- This Addendum shall be deemed to be part of the Original Deed and shall be read in conjunction with it.
**In Witness Whereof**, the parties hereto have set their hands and seals to this Addendum on the day, month, and year first above written.
**Partner 1:**
Signature: __________________________
Name: [Partner 1’s Name]
**Partner 2:**
Signature: __________________________
Name: [Partner 2’s Name]
**Witnesses:**
1. **[Witness 1’s Name]**
Signature: __________________________
Address: __________________________
2. **[Witness 2’s Name]**
Signature: __________________________
Address: __________________________
---
### **Notes for Customization:**
- **Specific Clauses:** Clearly specify which clauses of the original deed are being amended. Include both the original text and the new text for clarity.
- **New Clauses:** If adding new terms or conditions, ensure they are clearly outlined.
- **Signatures:** Ensure all partners sign the addendum, and include witness signatures if required by local regulations.
### **Legal Consultation:**
It’s a good practice to consult with a legal professional to ensure the addendum complies with local laws and accurately reflects the agreed changes.
Feel free to adjust the format to fit the specific needs and circumstances of the partnership.
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