A pair of peoples arrange in the same activity known as a partner. According to law, making a partner means that the person is no more an employ to you, but become one of the owners of it, he will have a share in both profit and risks.
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If you are doing a partnership business, then you must need it. That is to say that your business can be of any class relating to partnership. So, we highly prefer making this agreement between the partners. Moreover, it is needed to avoid mistrust and harassment between the corporate members. Other than that, the partnership deed is mandatory in some stages of a business.
The deed should be on a stamp paper. All the partners are supposed to sign on it to show the agreement. Furthermore, there should be witnesses during the time of the contract. Also, after drafting the deed, all the partners will get a duplicate of it in the presence of witnesses.