The clauses of a partnership deed can be altered with the consent of ________.
The clauses of a partnership deed can be altered with the consent of ________.
Solution
A partnership deed is an agreement between partners that governs the conduct of the partnership business. It contains various clauses regarding profit sharing, capital contribution, duties and rights of partners, interest on capital, drawings, salaries, and other terms.
Since partnership is formed on the basis of mutual agreement between partners, any alteration in the terms and conditions of the partnership deed requires the consent of all partners.
This is based on the principle of mutual consent under the Indian Partnership Act, 1932. No external authority like government departments or registrar has the power to approve or disapprove changes in the partnership deed. The partnership deed is a private document between partners, and modifications can only be made when all partners unanimously agree to the changes.
If even one partner disagrees with a proposed alteration, the change cannot be implemented (unless the original deed contains a specific clause allowing alterations with majority consent, but such clauses are rare).
Correct Answer: Option 3 - All the partners
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