Partnership deed

This query is : Open

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2016 Is it mandatory to get partnership deed attested from notary?

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

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.

Rupesh Jain

Rupesh Jain (Expert)
Follow

13 June 2016 its not the necessary but income tax deptt. and other deptt demand the same.

Upgrade to CAclubindia Pro. Subscribe Now!

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

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.

TANVI

TANVI (Querist)
Follow

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.

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

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?

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

17 June 2016 yes even in this case an addendum deed is required

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

TANVI

TANVI (Querist)
Follow

17 June 2016 Sir, could you please provide the format of addendum to partnership deed....