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This partnership deed is a written agreement which contains all the rights and duties of the parties to the business relating to management and organization of the business. The agreement describes details like the name of partners, nature of business, duties, and rights of partners, their liabilities and the ratio in which they will divide profits or losses.
The Indian Partnership Act, 1932 governs partnership forms of businesses in India. This law contains several provisions defining rights, duties, liabilities, and powers of partners. These provisions, however, are not always binding on them. Partners are free to bind themselves with contrary provisions.
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