Partnership deed is the legal agreement between the partners before starting the business. The partnership is started by the agreement between two or more people. As more people are involved in a business. The written agreement is made to solve a probable future dispute. Partnership deed asks as the evidential document for registration. All partners must enter written agreement to maintain mutual understanding and co-operation.

According to partnership act 2020, " the partnership deed must be submitted along with registration form before registration.

A partnership deed is the main document of partnership, which is required for its registration. Partnership deed covers all the information regarding registration of new partnership like names and address of business objectives, the capital contribution of partners etc.

          Contents of Partnership Deed

• Name and address of firm
  The name and the address of the firm should be clearly mentioned.
  
  
• Name and address of partners
  It contains the name and address of all the partners.
  
  
• Nature of business
  Nature of the business should be mention in the partnership deed whether it is industry or trade or service.
  
  
• Duration of partnership
  Duration of a partnership firm should be defined whether it is fixed or uncertain.
  
  
• Capital contribution by partner
  The amount of contribution as capital contributed by all the partners to establish the firm must be clearly written in the partnership deed.
  
  
• Interest on capital
  The interest rate on capital must be clearly mentioned in the partnership deed so that any misunderstanding do not arise among the partners.
  
  
• Method of profit and loss distribution
  The ratio of distributing the profit and loss should be mentioned clearly.
  
  
• Right and duties of partners
  Right and duties of the partners should be mentioned in the partnership deed so that the misunderstanding do not arise in its absence.
  
  
• Salary and commission of partners
  Salary and commission should be mention in partnership deed of all partners.
  
  
• Admission and retirement of partners
  Some partners may be retired and new may be hired. So the procedure for the admission and retirement of the partner should be mentioned in the partnership deed.
  
  
• The effect on the death a partner
  Tha adjustment at the death of the partner and the payment for their success should be mentioned clearly in the partnership deed.
  
  
• Valuation of goodwill
  The procedure for the valuation of goodwill during the admission, retirement, and death should be clearly mentioned in partnership deed.
  
  
• Revaluation of assets and liabilities
  The procedure for the revaluation of assets and liabilities during the admission, retirement, and death should be clearly mentioned in partnership deed.
  
  
• Accounts and audit
  The process of preparing the account and the provision of the audit is to mention in the partnership deed clearly.
  
  
• Settlement in case of dissolution
  The method of the dissolution of the partnership firm and the settlement of account should be mentioned clearly in the partnership deed.

A partnership firm is registered under the Partnership Act, 2020 in Nepal. The following are the procedures for the registration of a partnership firm :

Submission of application

It is the first stage of a registration process.The partners are required to tell the prescribed form provided by the department of industry or commerce of Nepal Government.Along with the applicant form following information must be provided.

• Name and address of partners as well as business.
• The amount of capital Investment.
• Type of partners and bear share in a business.
• Name of the partner, representing the business.

Along with this information, partners are required to submitted their copy of citizenship certificates partnership deed if it has made.

Submission of registration fee

The registration fee is to be deposited in NR bank in the name of concern department. The voucher of amount deposited must be submitted along with application form registration fee of partnership will verify in accordance with capital invested which is following:

Obtain registration certificate

After submitting application and registration fee voucher, the concerned authority of department will examine. All the information provided. If the provided information is satisfactory the department will issue the certificates registration. It will work as an evidence for registration. This certificate is a proof of the legal registration of firm. Such particulars can be altered by the firm only after approval of the concerned government office.

Dissolution of partnership refers to act of partnership agreement and closing the partnership business. It is the termination of a partnership. According to the Act 2020, partnership firm will be dissolved under the following condition:

1. Dissolution by agreement
2. Dissolution by written notice
3. Dissolution at any time
4. Dissolution expiry of time
5. Dissolution at once
6. Dissolution by concerned department

1. Dissolution by agreement:
A partnership firm can be dissolved with the mutual consent of all the partners.  According to partnership act, 2020 the partnership firm may dissolve either expiry of time or the termination of partnership deed.

2. Dissolution by written notice:
According to partnership act, 2020 partnership firm can be dissolved partners write the note of dissolution and submitted to all other partners. In such condition, the dissolution takes place from the date of the notice.

3. Dissolution at any time

The partnership firm can also be dissolved at any time in spite of detail for dissolution is maintain for partnership deed. Followings are the most probable reason for the dissolution of partnership at any time.

1. In the ability of partners to pay debts and liability.
2. If the share of partners is sold or transfer to others name.
3. If partners are engaged in on lawful activities.
4. If the partners have got the punishment of imprisonment.

4. Dissolution after expiry:
It will be automatically closed down after the expiry of such a period if the partnership is formed for a fixed period of time.  It will be closed after completion of a job if the partnership is established for the completion of the particular job.

5.Dissolution by concerned department

The concerned department of Nepal government may dissolve a partner under the following condition:

• If the partnership has not submitted the renewable application with another necessary document every year.
• If partnership firm is involved in unlawful activity.
• If any partner of partnership has applied for dissolution.
• If the firm is closed either giving or not giving the information yo the concerned department.

Dissolution of partnership refers to act of partnership agreement and closing the partnership business. It is the termination of a partnership. According to the Act 2020, partnership firm will be dissolved under the following condition:

1. Dissolution by agreement
2. Dissolution by written notice
3. Dissolution at any time
4. Dissolution expiry of time
5. Dissolution at once
6. Dissolution by concerned department

1. Dissolution by agreement:
A partnership firm can be dissolved with the mutual consent of all the partners.  According to partnership act, 2020 the partnership firm may dissolve either expiry of time or the termination of partnership deed.

2. Dissolution by written notice:
According to partnership act, 2020 partnership firm can be dissolved partners write the note of dissolution and submitted to all other partners. In such condition, the dissolution takes place from the date of the notice.

3. Dissolution at any time

The partnership firm can also be dissolved at any time in spite of detail for dissolution is maintain for partnership deed. Followings are the most probable reason for the dissolution of partnership at any time.

1. In the ability of partners to pay debts and liability.
2. If the share of partners is sold or transfer to others name.
3. If partners are engaged in on lawful activities.
4. If the partners have got the punishment of imprisonment.

4. Dissolution after expiry:
It will be automatically closed down after the expiry of such a period if the partnership is formed for a fixed period of time.  It will be closed after completion of a job if the partnership is established for the completion of the particular job.

5.Dissolution by concerned department

The concerned department of Nepal government may dissolve a partner under the following condition:

• If the partnership has not submitted the renewable application with another necessary document every year.
• If partnership firm is involved in unlawful activity.
• If any partner of partnership has applied for dissolution.
• If the firm is closed either giving or not giving the information yo the concerned department.
  
  

A partnership firm is registered under the Partnership Act, 2020 in Nepal. The following are the procedures for the registration of a partnership firm in Nepa:

Submission of application

It is the first stage of a registration process.The partners are required to tell the prescribed form provided by the department of industry or commerce of Nepal Government.Along with the applicant form following information must be provided.

• Name and address of partners as well as business.
• The amount of capital Investment.
• Type of partners and bear share in a business.
• Name of the partner, representing the business.

Along with this information, partners are required to submitted their copy of citizenship certificates partnership deed if it has made.

Submission of registration fee

The registration fee is to be deposited in NR bank in the name of concern department. The voucher of amount deposited must be submitted along with application form registration fee of partnership will verify in accordance with capital invested which is following:

Obtain registration certificate

After submitting application and registration fee voucher, the concerned authority of department will examine. All the information provided. If the provided information is satisfactory the department will issue the certificates registration. It will work as an evidence for registration. This certificate is a proof of the legal registration of firm. Such particulars can be altered by the firm only after approval of the concerned government office.