Partnership Deed

 

PARTNERSHIP

This DEED OF PARTNERSHIP 

DEED

made

this

day

of  

 between

hereinafter called the the partners of the first part and Second Second Part respectively

AND

A company registered under the provisions of the Companies Act 1956 and having its registered office at

WHEREAS the

deed dated

hereinafter called the party of Third part

Parties of irst and Second Part by virtue of their partnership

have been carrying on the business of manufacturing and mar!eting

 paints" colors c olors and varnishes etc# under the name and a nd style of factories at under the same name and style# AND WHEREAS the

with

Party of Third Part $i%# the company is formed with the

ob&ects of manufacturing dealing and mar!eting in paints" varnishes" colors etc#  

AND WHEREAS the

Party of the Second Part has e'pressed its desire and

willingness through the director

to enter into Partnership and parties

irst" Second part have mutually decided that the Party of the third Part shall be ta!en as Partner# AND WHEREAS it

is deemed necessary and desirable that a regular (eed of 

Partnership be reduced in writing and e'ecuted on the terms and conditions mentioned hereunder# NOW THIS DEED WINTESSETH AS UNDER: -

1# The Partnership shall come into effect from

and shall be for an indefinite

 period unless it is determined# )#Th )#That at the the name name an and d st sty yle of th thee Pa Patn tner ersh ship ip firm firm here hereby by fo form rmed ed sh shal alll be with factories factories at

under the same names names and style or with branch or 

 branches at such place*s+ as the parties may mutually decide# ,# That That th thee bu busi sine ness ss of th thee Part Partne nersh rship ip irm irm he hereb reby y fo form rmed ed shall shall be th that at of  manufacturing and mar!eting of paints" colors and varnishes etc#" as hereto before#

 

The parties may" however" with their mutual consent embar! upon a new line or lines of business and may open branch or branches or new factory# -# That the amo amount unt standing standing to the credit credit of the personal accounts accounts of the Parties Parties of  irst and Second Part in the boo!s of above firm as on

shall be treated as

contributio contri bution n by them to the capital of the Partnership Partnership and the Party of the Third Part shall bring .s# as his share towards the capital of the firm# 5# That further finance re/uired for the purpose of business of the firm shall be contributed by the parties in such rate as may be mutually mutually agreed upon# 0nterest at the rate of

or at a rate as may be mutually agreed upon between the parties from

time to time shall be allowed on the capital standing to hisher credit for the time  being in the boo!s of the partnership# 6# That the regular accounts boo!s shall be !ept in due course of business in which shall be faithfully recorded recorded all the transactions transactions enter into by the firm and such boo!s boo!s shall be closed on

oron any other convenient or auspicious day as

may be mutually agreed upon between the parties hereto from time to time# 2# That on closing the account boo!s in the aforesaid manner" a regular profit 3 4oss Account shall be prepared and a balance sheet shall be drawn up# # That the Profits 3 4osses shall be divided between and borne by parties hereto in the following proportions Partner

% of share in Profits and Losses

9# That the partners partners will be paid a Salary of .s#)577 .s#)5778 8 per month for the the services rendered to the rim and they will also be entitled to a bonus  1): on their salary# 17# That all the assets and liabilities of the firm as on

tangible or 

otherwise" would be ta!en over by the Partnership at its boo! value and shall be deemed to be assets and liabilities of this Partnership and all the Parties hereto will have e/ual rightsliabilities thereon# 11# That all rights of the firm as on

namely 0S0 mar!eting license"

Trade mar!s" Sales Ta' registration" Telephone connections" Tenancy rights" 4ease rights" ;wnership right etc# shall be deemed to be the rights of the partnership and all the parties hereto will have e/ual rightsliabilities thereon#

 

1)# That each partner shall 8 *a+ (i (ili lige gent ntly ly atten attend d to th thee bu busin siness ess of th thee Pa Part rtne nersh rship ip an and d de devo vote te hi hish sher  er  necessary time and attention thereto# *b+ Punctually Punctually pay herhis herhis separate debts and indemnify indemnify the other partner and the Assets of the firm against the same and all e'penses therefore# *c+ ?0T>@SS ?.@ ;" the parties of the first and Second parts here

have put their respective hands on this (@@( ; PA.T>@.S0P on the day" month and year first mentioned above#  

0> ?0T>@SS@ ?0T>@SS@S S ?@.@; ?@.@;"" the common common seal of the Third Third Partner  Partner 

vi%#

was pursuance to the resolution of the =oard of (irectors passed

in that that behalf behalf on her heree into into affi'e affi'ed d in the presen presence ce of  and signed these presents in to!en thereof in the presence of the ?itnesses

?0T>@SS@SS  

Partners 1# ) ,#