A set of rules and procedures guiding the operations of a partnership is called partnership

A set of rules and procedures guiding the operations of a partnership is called a "partnership deed." A partnership deed is a legal document that outlines the terms and conditions agreed upon by the partners of a partnership. It serves as a written agreement that defines the rights, responsibilities, and obligations of each partner within the partnership. The partnership deed typically includes important provisions such as the names of the partners, the nature of the partnership, the capital contributions of each partner, the profit-sharing ratio, the decision-making process, the duration of the partnership, the procedures for admitting or retiring partners, and the procedures for resolving disputes among partners. By having a partnership deed in place, partners can have a clear understanding of how the partnership will operate, their respective roles and responsibilities, and the rules that govern their relationship. It helps to prevent misunderstandings and conflicts by providing a framework for decision-making, profit distribution, and other aspects of partnership operations. In summary, a partnership deed is a legally binding document that establishes the rules and procedures for the operation of a partnership, defining the rights and obligations of the partners involved. It serves as a guide for managing the partnership and maintaining a harmonious and transparent business relationship among the partners.