Partnership Deed 1

 

DEED OF PARTNERSHIP

THIS THI S DEE DEED D of Par Partne tnersh rship ip is mad made e at. at.... ....... ....... ....... ........ ...... on thi this s ... ....... ....... ....... ....... ...... ... day of ............... by and and betwee between: n: Shri ............................... aed abo!t .............. years" son of  Shri

............................ .................................. ...... resident of ###### ############ ########## #### $Hereinafter 

to be %a&&ed %a&&ed the First Party'( Shri ............................... aed abo!t ............... years" son of  Shri .............................. .................................. .... resident of ###### ############ #########$Hereinafter ###$Hereinafter to be %a&&ed the Se%ond Pa Party'( rty'( Shri ............................. aed abo!t ................ years" son of S Shri hri .... ...... .... ..... ...... ..... ..... ...... ..... .... ..... ...... ..... .. re resi side dent nt of $H $Her erei eina naft fter er

to be %a %a&&e &&ed d

Shri ............... ....................... ........... ... aed abo!t ........... ................. ...... years years"" son of Shri

th the e

Th Thir ird d

Pa Party rty'( '(

....... ............... ............... ............... ............ ....

resident of $Hereinafter to be %a&&ed the Fo!rth P Party'( arty'(

)HER )H EREA EAS S the the pa part rtie ies s to th this is de deed ed ha ha*e *e be been en %a %arr rry yin in  on th the e b! b!si sine ness ss of

.............................. ....................................... ......... !nder the name and sty&e of +,s. ......................... with its

prin%ipa& p&a%e of b!siness at ............. on the terms and %onditions in%orporated in the Partnership Deed e-e%!ted on

............................ ......................................... .............

 AND )HEREAS *ita& amendments ha*e been made by the Finan%e A%t" //0 in the pro%ed!re for assessment of firm. 1onse2!ent to the said amendment" the parties to this deed had a meetin and ha*e ora&&y and m!t!a&&y areed to amend and a&ter some of  the terms and %onditions %ontained in the aforesaid partnership deed with effe%t from 343 //0.

 

 AND F5RTHER )HEREAS the parties to this deed ha*e been %arryin on the abo*e said b!siness in partnership on the terms and %onditions ora&&y and m!t!a&&y areed amonst themse&*es as aforesaid(

 AND NO) )HEREAS the parties to this deed desire that the terms and %onditions on whi hi%h %h they they ha ha*e *e be been en %a %arr rry yin in on the the ab abo* o*e e sa said id b! b!si sine ness ss in pa part rtne ners rshi hip p sin%e ...................... and propose to %ontin!e in f!t!re be red!%ed to writin to a*oid f!t!re diffi%!&ties or mis!nderstandin.

NO)"" TH NO) THERE EREFOR FORE E TH THIS IS DEE DEED D )IT )ITNES NESSET SETH H as !n !nder der"" in% in%orp orpora oratin tin  the aforesaid amendment, a&teration in the terms and %onditions of the partnership:

.

That the partnership b!siness has been and sha&& %ontin!e to be %arried on !nder  the name and sty&e of +,s. ....................................

0.

Th That at the the pa part rtne ners rshi hip p b!s !sin ine ess has be bee en an and d sha& a&&& %o %ont ntin in! !e to be th that at of

....... ............... .......... with its prin% prin%ipa& ipa& p&a% p&a%e e of b!si b!siness ness at ....... .............. ....... The

partie parties s by

m!t!a& %onsent may %arry on b!siness at s!%h other p&a%e or p&a%es" in s!%h other  name or names and of s!%h other nat!re or nat!res" as they may deem fit and proper from time to time.

6.

That the amo!nt &yin to the %redit of the partners as on 343//0 sha&& be deemed as th thei eirr %a %api pita ta&& in*e in*est stme ment nt.. F! F!rt rthe herr %a %api pita ta&" &" &o &oan ans s or de depo posi sits ts &o &oo7 o7in in  to th the e need ne eds, s,re re2! 2!ir irem emen ents ts of th the e pa partn rtner ersh ship ip fi firm rm sh sha& a&&& be ar arra ran ned ed"" in in*e *est sted ed or  %ontrib!ted by the partners.

 

4.

Th That at iint nter eres estt at th the e ra rate te o off 8 89 9 pe perr an ann! n!m m or as may be p pre res% s%ri ribe bed d! !nd nder er s se% e%ti tion on 4$b'$i*' of the In%ome3ta- A%t" /; or any other app&i%ab&e pro*isions as may be in for%e in the in%ome3ta- assessment of the partnership firm for the re&e*ant a%%o!ntin period or at a &ower rate as may be areed to by and between the parties from time to time sha&& be paid to the partners or %redited to the partners on the amo!nt standin to the %redit of the a%%o!nt of the partners.

S!%h interest sha&& be %onsidered as an e-pendit!re of the firm and sha&& be debited to the Profit < =oss A%%o!nt of the firm before arri*in at the di*isib&e profit or &oss. The interest to persons other than partners sha&& be paid or %redited to their  a%%o!nts at the rate or rates as may be areed to by and between the partners and s!%h persons from time to time.

>.

That Shri ....... .............. ............... ................ .......... .. Shri ....... .............. .............. ....... and Shri ....... ............... ................ ............. ..... the parties par ties of the ... ....... ........ ....... ....... ....... ..... .. par parts ts ha*e ha*e ar areed eed to 7ee 7eep p the themse mse&*e &*es s a%t a%ti*e i*e&y &y enaed in %ond!%tin the affairs of the b!siness of the partnership firm. The said partners sha&& be wor7in partners. It is hereby areed to that in %onsideration of  the sai said d par partie ties s 7ee 7eepin pin  the themse mse&*e &*es s a%t a%ti*e i*e&y &y en ena aed ed in the b!s b!sine iness ss of the partnership firm and wor7in as wor7in partners" sha&& be entit&ed to rem!neration.

The rem!neration payab&e to the said wor7in partners sha&& be %omp!ted in the manner &aid down or ded!%tion !nder se%tion 4$b'$*'" read with E-p&anation 6 of the In%ome3ta- A%t" /; or any other app&i%ab&e pro*ision as may be in for%e in the in%ome3ta- assessment of the partnership firm for the re&e*ant a%%o!ntin year.

 

S!%h S!% h amo amo!n !ntt of rem rem!ne !nerat ration ion sha sha&&&& be dis distrib trib!te !ted d bet betwe ween en the sai said d wo wor7i r7in n partners in the fo&&owin proportion:

1.

 A.

Shri ............................ ................................ .... ....... per %ent of s!%h amo!nt

?.

Sh Shri ri .... ...... ..... ...... ..... ..... ...... ..... .... ..... ...... ..... .. .. .... .... .... per per %e %ent nt of s! s!%h %h am amo! o!nt nt Shri ................................ ....... per %ent of s!%h amo!nt

The partners sha&& be entit&ed to in%rease or red!%e the abo*e rem!neration and may aree to pay rem!neration to other wor7in partner or partners as the %ase may be. The partners may a&so aree to re*ise the mode of %a&%!&atin the abo*e said rem!neration as may be areed to by and between the partners from time to time.

;.

Th That at tthe he p par arti ties es h her eret eto o sh sha& a&&& be ttr! r!e e an and d fa fait ithf hf!& !& tto o ea%h ea%h o oth ther er a and nd s sha ha&& && n not ot d do o or  %a!se to be done anythin whi%h may be detrimenta& to the interest of the firm.

@.

Tha Thatt th the e pa partie rties s sh sha&& a&& 7ee 7eep p or %a %a!se !se to b be e 7e 7ept pt p prop roper er b boo7 oo7s s of a%% a%%o!n o!ntt an and d do%!me do% !ments nts and sh sha&& a&& ma7 ma7e e en entrie tries s the therei rein n of a&& re%eip re%eipts" ts" pay paymen ments ts and oth other  er  matters as is !s!a&&y done and entered in the boo7s of a%%o!nt 7ept by persons enaed in b!siness simi&ar to that of the firm. Ea%h partner sha&& ha*e a riht to ha*e a%%ess to and to inspe%t and ta7e %opy of the same.

8.

That the partnership has been and sha&& be a partnership at wi&&.

 

/.

That the net profit of the partnership firm after ded!%tion of a&& e-penses in%&!din rent" sa&aries" other estab&ishment e-penses" interest and rem!neration payab&e to the partners in a%%ordan%e with this deed of partnership or any s!pp&ementary deed as may be e-e%!te e-e%!ted d by the partn partners ers from time" to time" sha&& be di*ided and distrib!ted amonst the partners in the fo&&owin proportion:

Sr. No.

Name of Party

Share in profits

. 0. 6. 4.

The &osses" if any" in%&!din &oss of %apita& s!ffered in any year sha&& a&so be apportioned in the abo*e said proportion.

.

That the ban7 a%%o!nt or a%%o!nts ha*e been and sha&& be maintained in th the e name of the firm and sha&& be operated sin&y or oint&y by the partners.

.. 

That the b boo7s oo7s of a a%%o!nt %%o!nt sha&& be %&osed on 6 6st st d day ay o off +ar%h ea%h year. The net profit or &oss after ded!%tin a&& e-penses" interest" rem!neration" o!toins sha&& be di*i di*ide ded d be betw twee een n th the e pa part rtie ies s in prop propor orti tion on to th the e sh shar arin in  ra rati tio o re refe ferr rred ed to hereinabo*e.

 

0.

That notwithstandin anythin %ontained in the Indian Partnership A%t it is hereby m!t!a&&y areed to by and between the parties that in %ase of death of any one or  more partners" the firm sha&& not be disso&*ed b!t sha&& %ontin!e to be %arried on by and between the s!r*i*in partners and &ea& heirs and,or representati*es of the de%eased partner" as a %ontin!in %on%ern" on the same terms and %onditions as in%orporated in this Deed or on s!%h terms and %onditions as may be areed to by and between them from time to time. It is hereby f!rther %&arified that it sha&& be deemed as %hane in %onstit!tion and not s!%%ession.

6.

That with respe%t to any matter %onne%ted with the affairs of the firm" w whi%h hi%h is not spe%ifi%a&&y pro*ided for herein" the partners may ma7e s!%h areements therefor  and may set in s!%h manner with reard thereto as may be areed !pon by and between themse&*es.

4.

That iiff the partn partners ers d deem eem p proper roper and iin n the their ir inte interest" rest" they may a admit dmit a any ny ot other  her  person or persons as partners on the terms and %onditions as may be m!t!a&&y areed amonst themse&*es.

>.

That the partners to this deed are partners in their indi*id!a& %apa%ity,representin H5F sty&ed as +,s. ..................................... The parties do not represent any other  person.

;.. ;

A&& A&& bo bond nds" s" bi& bi&&s &s"" no note tes" s" bi& bi&&s &s of ee-%h %han ane e"" h! h!nd ndie ies s or pro promi miss ssor ory y no note tes s or oth other  er  se%!rities i*en on beha&f of the partnership $e-%ept %he2!es' sha&& be sined" endorsed" endor sed"

a%%e a%%epted pted or e-e% e-e%!ted !ted oint oint&y &y by a&& the partne partners rs and any bond bond"" bi&&"

 

note" bi&& of e-%hane" et%. to whi%h any partner may be a party %ontrary to this pro*ision sha&& be deemed to ha*e been on the persona& a%%o!nt of s!%h partner  and he sha&& pay and dis%hare the same o!t of his own moneys and indemnify other oth er par partne tners rs and the fir firm m aa aains instt pay paymen mentt the thereo reoff and aa aains instt a&& a%t a%tion ions" s" pro%eedins" %osts" %hares" e-penses" %&aims and demands in respe%t thereof.

@.. @

Tha Thatt the part parties ies of ... ...... ....... ....... ....... ........ ...... part are no nott wor7 wor7in in par partne tners rs b!t are on on&y &y finan%in" dormant a and nd s s&eepin &eepin partners. The parties of ....................... part nee need d not be in %hare of" responsib&e to the firm for the %ond!%t of the b!siness of the firm firm an and d ne need ed no nott ta ta7e 7e inte intere rest st in da day y3to 3to3d 3day ay wo wor7 r7in in  an and d b! b!si sine ness ss of th the e partnership firm.

That the parties of the ............................ part sha&& not be &iab&e to any %rimina& a%tion for the b!siness or wor7in of the partnership firm or for the a%ts of  the other partners or its emp&oyees or its representati*es for and on beha&f of or on a%%o!nt of the partnership firm or for the p!rposes of the partnership firm. The said partners sha&& not be &iab&e for any &iabi&ity" %i*i& or %rimina&" aainst the partnership firm or other partners.

That the said partners sha&& not be%ome and sha&& not be &iab&e for any %rimina& a%tion for any defa!&t or offen%e %ommitted by other partners or emp&oyees or a!thorised representati*es of the firm !nder the In%ome3ta- A%t" 1!stoms A%t" Forein E-%hane Re!&ation A%t" Sa&es ta- =aws or other 1entra& or State A%ts" &aws" R!&es or Re!&ations.

 

8.. 8

Th That at th the e pa part rtne ners rs sh sha& a&&& be en enti tit& t&ed ed to mo modi dify fy th the e ab abo* o*e e te term rms s re re&a &ati tin n to rem!neration" interest" et%. payab&e to partners by e-e%!tin a s!pp&ementary deed and s!%h deed when e-e%!ted sha&& ha*e effe%t !n&ess otherwise pro*ided from the first day of a%%o!ntin period in whi%h s!%h s!pp&ementary deed is e-e%!ted and the same sha&& form part of this deed of partnership.

/.

That a&& disp!tes and 2!estions in ...................... %onne% %onne%tion tion with the partnership or  this deed arisin between the partners or between any one of them or their &ea& representati*es and whether d!rin or after the partnership" sha&& be referred to the arbitrator in a%%ordan%e with the pro*isions of the Arbitration and 1on%i&iation A%t" //; then in for%e.

IN )ITNESS )HEREOF the parties to this deed ha*e set their hands on the day and year first abo*e written and in the presen%e of:

First Party Second Party  Third Party Fourth Party    )ITNESSES( .

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