What is a Partnership Deed in accounitng?
A partnership deed is also called a partnership agreement. It is a written legal document that provides the terms, conditions, rights and responsibilities of partners in a business. It acts as the foundational rulebook for their joint venture, covering profit/loss sharing, capital contributions, management and dispute resolution to ensure smooth operations and prevent future conflicts. While an oral agreement is possible, a written deed provides legal clarity and is crucial for things like bank accounts or GST registration.