How to Amend or Change a Partnership Deed: Legal Procedures Explained
How to Amend or Change a Partnership Deed: Legal Procedures Explained A Partnership Deed is a crucial legal document that governs the functioning of a partnership firm. However, as businesses evolve, partners may need to make modifications to their original deed. This could be due to changes in profit-sharing ratios, the addition or removal of partners, or other operational adjustments. In this guide, we will explain the legal procedure to amend or change a partnership deed in India, including its relevance for businesses in Rajasthan. Reasons to Amend a Partnership Deed A partnership deed may require amendments for various reasons, such as: Change in Profit-Sharing Ratio : Partners may decide to alter their respective shares of profits and losses. Change in Business Activities : If the firm expands into new ventures or modifies its business scope. Addition or Removal of Partners : A new partner joining the firm or an existing partner retiring. Capital Contribution Changes : If partne...