Sample Partnership Deed

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Document Overview

A Partnership Deed (also called a Partnership Agreement) is a legal document that defines the rights, duties, responsibilities, and obligations of partners who come together to carry on a business jointly with a view to making profit.

It acts as the constitution of the partnership, outlining how the business will be managed, how profits and losses will be shared, how decisions will be made, and how disputes or dissolution will be handled.

Purpose of a Partnership Deed:
1. Defines Ownership and Contributions
Clearly states how much capital each partner contributes and what share of the business they own.

2. Regulates Profit and Loss Sharing
Provides an agreed formula for sharing profits and losses among the partners.

3. Clarifies Roles and Responsibilities
Ensures each partner knows their management duties, powers, and limits to prevent misunderstandings.

4. Prevents Disputes
Minimizes conflicts by laying out how decisions are made, how new partners join, or how existing ones leave.

5. Ensures Legal Protection
Serves as legally enforceable evidence of the partners’ intentions and protects individual partners in case of disagreements or legal claims.

6. Guides Continuity and Exit
Provides rules on retirement, death, or dissolution, ensuring business continuity or fair settlement.

7. Facilitates Business Registration and Banking
Banks and registration authorities in Kenya often require a duly executed partnership deed before opening a business account or registering the business name.

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Sample Partnership Deed

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