Partnerships are one of the easiest business structures when it comes to formation and management. Minimum compliance requirement and straightforward dissolution rules make it one of the preferred choices for the small-scale business. The partnership is basically formed when two or more individuals come together with an intention of earning profit from a common business activity. The works and terms of partnership firm are governed by the Partnership Deed, which is executed at the time of formation itself. However, during the course of this partnership, many instances may arise when few changes in the terms of partnership may be required. These changes or modifications are possible with the change in Partnership Deed by addendum to the original partnership deed.
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