PARTNERSHIP DEED

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PARTNERSHIP DEED

This Deed of Partnership is made at —– on this 26^th day of March 0000    between Shri —- S/o. —- R/o. —— (hereinafter called the FIRST PARTY) or (FIRST PARTNER)

AND

Smt — W/o. —- R/o. —— (hereinafter called SECOND PARTY) or (SECOND PARTNER)

WHEREAS, the terms First Party and Second Party mean and conclude their legal heirs, successors, representatives, administrators, executors, nominees, and assigns.

AND WHEREAS both the above-named partners along with their son namely Shri —- had entered into a Deed of Partnership dated 0/0/0000, however, the third partner Shri Rajeev Behl left the said partnership business.

AND WHEREAS, the aforesaid partners have mutually agreed to carry on the Business under Partnership under the name and style of M/s. —– INTERNATIONAL at address—- and whereas the aforesaid partners desire that they shall work and shall govern their relationship as partners.

NOW THIS DEED OF PARTNERSHIP WITNESSES AS FOLLOWS:

1. That the partnership firm shall be carried on under the name and style of “M/s. — INTERNATIONAL at address —or as such other name/place/places as the partners may, from time to time decide.

• That the business of the partnership shall be trading import export and merchandise of any goods, machinery, equipment, etc in addition to or in substitution of the same as mutually agreed to by the parties.

• That the partnership business shall be undertaken from address—- or from any other premises in addition to or in substitution of the same as mutually agreed to by the parties hereto.

• That the partners have full rights to open and close their branches, at any other place with their mutual consent.

• Retirement, death, insolvency, or any other incapacities to contract of the partner shall not ipso-facto dissolve the partnership business. The business shall always survive and continue even with the sole surviving partner and the legal heirs or legal representatives of the deceased partner on such terms and conditions as may be agreed upon between the partners.
• That the profits and losses of the business shall be divided by both the partners and apportioned in Rupees of equal shares by the partners. It can be changed by mutual consent from time to time.

• That the Bank Account or accounts, current, overdraft, fixed deposit, or any other account shall be opened in the name of the firm and such bank(s) as may be mutually agreed upon by the parties hereto and the said accounts shall be operated by the first party and second party as of right to withdraw and deposit money for the right purpose and proper activity and benefit of the partnership firm.

This is only for information

• That the said partnership shall be effective 1^st day of April 0000.

• Financial year of the firm will be April to March for every year.  

1. All the bookings and payment or expenses will be made by any of the partners.

1. The firm shall in no case be responsible for the personal debts and liabilities of any of the partners of the firm.

1. That partner shall not use the firm name to borrow, assign, charge his share in the firm’s name and to mortgage, dispose of pledge, sell, or otherwise any part of the partnership profit for their benefit.

1. The partners shall be faithful to each other and shall work honestly/prudently and diligently in the conduct of the business of the firm and shall render true account and all information affecting the partnership business to other partners.

1. That the capital required for the said business shall be invested at the ratio 50 : 50 equally by both partners.

1. In the event of any dispute affecting the partnership the same be referred to an Arbitrator and to be decided under the provisions of the Indian Arbitration Act, then in force.

1. That any addition, alteration or variation in the terms and conditions of the partnership provided herein may be agreed in writing by the partners hereto without drawing up a fresh partnership in that matter.

1. That the regular books of account shall be kept to record all the partnership transactions whatsoever, the same be closed on the 31^st day of March of every year or such other date/dates as may deemed convenient by the partners on all such occasions when the books of accounts are enclosed the profits or loss as the case may be credited or debited to the accounts of the partners in the following manner/ratio.

Party to the first Part:             50%

Party of the Second Part:        50%

It can be changed by mutual consent from time to time.

IN WITNESSES WHEREOF THE PARTIES HERETO HAVE AFFIED THEIR SIGNATURE ON THE DATE, MONTH AND YEAR MENTIONED ABOVE.

 

WITNESSES:                                                         

FIRST PARTNER

1.      

2.                                                                              

SECOND PARTNER

This is a just an example, we tried to inform about partnership content. There is no any kind of consultation, do not use this for your situation. For your partnership you can contact to your legal advisor or your advocate because situation can be different.