What does the deed of partnership cover?
As well as giving basic information about the partnership, such as its business name and the names of the partners, the type of business and business address, the deed will usually set out: • the amount of capital that each partner is to contribute to the business • the way in which profits or losses are shared between partners, and whether any of the partners should be paid a salary • working arrangements, such as how much time each partner should contribute to the business, who does what management tasks and what type of decisions need collective agreement between the partners • changes to the partnership, such as how new partners can be appointed and what happens if a partner dies or wishes to leave
