Partnership Agreement

A Partnership Agreement is a legally binding contract under the Indian Contract Act, 1872, between two or more individuals or entities forming a business partnership, governed by the Partnership Act, 1932. Stamped per the Indian Stamp Act, 1899, it outlines partner contributions, roles, profit-sharing, decision-making, intellectual property (IP) protection and dispute resolution (e.g., arbitration under the Arbitration and Conciliation Act, 1996). Registration with the Registrar of Firms is optional but recommended to access legal benefits, such as suing third parties under Section 69 of the Partnership Act. 

Novam Legal crafts tailored agreements, compliant with the IT Act, 2000, for e-signing, ensuring clarity, protection and seamless partnership operations in sectors like professional services, retail or startups. Here’s how a Partnership Agreement delivers value for your business:

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    Process Steps for a Partnership Agreement with Novam Legal

    Comprehensive Business Consultation

    We conduct an in-depth discussion to understand your partnership goals, business model and sector-specific needs (e.g., retail or professional services), ensuring a tailored agreement.

    Detailed Information Gathering

    Our team collects partner contributions, roles, profit-sharing terms, IP concerns and unique clauses to build a precise framework.

    Customized Agreement Drafting

    We craft a legally sound agreement, compliant with the Contract Act, 1872 and Stamp Act, 1899, incorporating arbitration and IP clauses.

    Collaborative Draft Review

    We review the draft with you, explaining terms in plain language and refining based on feedback to ensure alignment.

    Execution and Ongoing Guidance

    We facilitate e-signing per the IT Act, 2000 or physical signing and provide support for registration or amendments.

    Benefits of a Partnership Agreement

    Reduced Conflict Potential

    Clearly defined roles and profit-sharing under the Contract Act, 1872, minimize disputes, ensuring smooth partnership operations.

    Established Partner Expectations

    Detailed obligations and decision-making terms align partners, fostering trust and clarity in business management.

    Shared Financial Security

    Contractually bound contributions and profit-sharing reduce individual financial burdens, ideal for startups or small businesses.

    Enhanced Capital Access

    Multiple partners’ resources streamline funding, with clauses harmonizing interests for secure transactions.

    Robust Legal and IP Protection

    Arbitration clauses (per Arbitration Act, 1996) and IP safeguards protect the business and its assets long-term.

    Prerequisites for Partnership Agreement

    Deliverables for a Partnership Agreement with Novam Legal

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    Basic

    11900

    • Company Name Precheck
    • Certificate of Incorporation
    • 1 DSC & 1 DIN
    • PAN & TAN
    • eMOA & eAOA
    • (1 Indian Director, 1 Shareholder and Authorised Capital of Rs. 1,00,000)

    Premium

    29900

    • Company Name Precheck
    • Certificate of Incorporation
    • Commencement of Business
    • 1 DSC & 1 DIN
    • PAN & TAN
    • eMOA & eAOA
    • GST Registration
    • (1 Indian Director, 1 Shareholder and Authorised Capital of Rs. 1,00,000)

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    Frequently asked Questions

    A legally binding contract under the Indian Contract Act, 1872, outlining terms for partners to operate a business together, per the Partnership Act, 1932.

    It defines roles, profit-sharing and dispute resolution, reducing conflicts and ensuring legal protection for partners.

    Partner contributions, roles, profit-sharing, decision-making, IP protection and arbitration clauses, per Contract Act standards.

    Yes, when stamped per the Stamp Act, 1899, it’s enforceable under the Contract Act, 1872.

    Not mandatory, but a written deed is recommended to avoid disputes and clarify terms, per Partnership Act, 1932.

    Yes, stamp duty under the Stamp Act, 1899, varies by state, ensuring evidentiary value and enforceability.

    Unregistered firms cannot sue third parties or partners under Section 69 of the Partnership Act, 1932, limiting legal recourse.

    Yes, e-signing is valid under the IT Act, 2000, with stamp duty compliance.

    We craft sector-specific agreements with roles, IP and arbitration clauses, compliant with Contract Act and Partnership Act standards.

    Partnership deed, firm PAN, address proof, partner KYC (e.g., Aadhaar) and an affidavit for verification.

    It clarifies roles, secures finances and provides dispute resolution, ensuring efficient and protected operations.

    Yes, with mutual consent and Novam Legal’s support, amendments comply with the Indian Contract Act, 1872.



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    When I decided to incorporate my business, I was overwhelmed by the complexities of the process. NOVAM Legal made it incredibly easy. Their team guided me through every step, handled all the paperwork, and ensured everything was compliant. The entire process was smooth and efficient, saving me both time and stress. I couldn’t be happier with the level of professionalism and attention to detail they provided. I highly recommend NOVAM Legal to anyone looking to incorporate their business!

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    A stress-free, professional experience with NOVAM Legal!

    When I needed a critical business agreement drafted, NOVAM Legal delivered beyond my expectations. Their team was incredibly thorough, ensuring every clause was tailored to protect my interests while maintaining clarity and fairness. The level of detail and legal expertise they brought to the table was impressive, and they made sure to explain the complex legal terms in a way that was easy to understand. The entire process was seamless, and I felt confident knowing I had a well-crafted agreement in place. I would highly recommend NOVAM Legal to anyone in need of professional legal drafting services.

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    Raj G.

    A stress-free, professional experience with NOVAM Legal!

    When I needed a critical business agreement drafted, NOVAM Legal delivered beyond my expectations. Their team was incredibly thorough, ensuring every clause was tailored to protect my interests while maintaining clarity and fairness. The level of detail and legal expertise they brought to the table was impressive, and they made sure to explain the complex legal terms in a way that was easy to understand. The entire process was seamless, and I felt confident knowing I had a well-crafted agreement in place. I would highly recommend NOVAM Legal to anyone in need of professional legal drafting services.

    Raj G.

    Founder & CEO, Xentrix Corp.

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