F.W.Taylor

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Frederick Winslow Taylor also known as F.W.Taylor. frederick Winslow Taylor was an american mechanical engineer. f.w.taylor was born on march 20,1856 .He was the one of the first financial consultants.he is alsoKnown for"Father"of the Scientific management & Efficiency Movement, Father of Industrial Engineering.Taylor was the son of a lawyer. He entered Phillips Exeter Academy in New Hampshire in 1872. In 1911, Taylor summed up his efficiency techniques in his book ' The Principles of Scientific Management'. Taylor was also an athlete who competed nationally in tennis. His occupation was Efficiency expert Management consultant. He got the Awards of Elliott Cresson Medal (1902).
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Partnership Deed and Contents in Partnership Deed

 Partnership Deed

partnership is formed out of an agreement between the partners.the agreement may be oral or written. when the agreement is in writing ,it is called the "partnership Deed" or the "articles of partnership".thus, the partnership deed is a document which contains the important terms and conditions of partnership as agreed by the partners.it contains the rules and regulation governing the firm.
 Legally there is no obligation on the part of the partners to have a written agreement.However, it is always prudent and advisable to put the partnership agreement in writing.this is mainly because an oral agreement gives rooms for disputes in future.

The main purpose of partnership agreement 

  1. to maintain peaceful atmosphere and run business smoothly.
  2. to avoid futuree disputes,quarrels and misunderstanding among the partners.
  3. to avoid contradictions.
  4. to remind the partners about their rights,duties and liabilities.

Contents of the Partnership Agreement

  • name of the firm.
  • name and addresses of all the partners.
  • nature of business.
  • date of commencement of partnership.
  • the principal place of business.
  • duration of partnership,if any.
  • capital contribution by each partner.
  • amount permitted to be withdrawn by each partner.
  • the profit sharing ratio
  • amount of salary,or commission,if any,payable to partners.
  • rate of interests,if any,on capital or drawings.
  • rate of interests,if any,on loans and advances by the partners. 
  • allocation of work among partners.
  • rights,duties and liabilities of partners.
  • provisions regarding admission of new partners,retirement of partners etc...........

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