IT HAS OFTEN BEEN SAID THAT THERE ARE HIDDEN DANGERS IN AN O

IT HAS OFTEN BEEN SAID THAT THERE ARE HIDDEN DANGERS IN AN ORAL PARTNERSHIP AGREEMENT. IT IS RECOMMENDED THAT ALL PARTNERSHIP AGREEMENTS BE IN WRITING. IF YOU WERE ABOUT TO FORM A PARTNERSHIP WITH THREE OTHER PERSONS, NAME FIVE SPECIFIC ITEMS THAT YOU WOULD WANT TO SEE IN YOUR PARTNERSHIP AGREEMENT

Solution

Partnership Deed is the written agreement, containing the terms and conditions among all the partners.

Five specific items in any partnership agreement are as follows-
1) Amount of capital to be contributed by each partners.
2) Ratio for sharing profit/loss of the business amongst the partners.
3) Interest to be credited on partner\'s capital
4) Remuneration of partner\'s and the basis of determining such remuneration.
5) Limits on drawings by partners and interest on such drawings.