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The Partnership Deed serves as the core document that regulates a partnership firm’s operations and activities. Partners must operate strictly within the scope outlined in the deed. To modify, expand, or restrict the business activities, the partnership agreement needs to be updated.
Amendments are carried out by executing a Supplementary Deed, which acts as an addendum to the original Partnership Deed. Payment of the required stamp duty is mandatory. For registered partnership firms, the Supplementary Deed must also be filed with the Registrar of Firms.
One of the primary reasons for amending a partnership deed is a change in the composition of partners. As the business expands, a new partner may be added, or an existing partner may leave due to resignation, removal, or death. In every such scenario—whether it’s the appointment, addition, or exit of a partner—a Supplementary Partnership Deed must be executed to formally document these changes.
As stated, a partnership firm must operate strictly within the boundaries set by its partnership agreement. If partners intend to take up new business activities, the business clause in the partnership deed needs to be updated accordingly. Likewise, the deed can be amended to narrow the scope by removing activities that are no longer being pursued.
Capital is crucial for business expansion, and partners anticipate returns on their contributions. To support growth or other requirements, the capital may be increased, which can result in adjustments to profit-sharing or ownership ratios. Implementing these changes necessitates amending the partnership deed and paying the applicable stamp duty to the authorities.
Capital is crucial for business expansion, and partners anticipate returns on their contributions. To support growth or other requirements, the capital may be increased, which can result in adjustments to profit-sharing or ownership ratios. Implementing these changes necessitates amending the partnership deed and paying the applicable stamp duty to the authorities.
Original Partnership deed with the modifications made, if any
Copy of PAN card of the firm to be provided
Copy of PAN card and address proof of new partner, if applicable
Call us at: 9414883452 or Email us : contact@submitreturn.com
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The name of a partnership firm can be changed with the unanimous consent of all partners, as it constitutes a change in the firm’s constitution. After executing the change, the firm must update its name across all registrations, including the PAN card. Please note that PAN update services are not included in the current package.
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