Deed of Partnership

A Partnership Agreement is crucial to a business set up. None of your clients want to end up fighting for their rights. It is an essential method to formalize the conditions agreed by the partners for running a business in the eyes of law. 

Drafting this Agreement in a detailed manner is vital. It can lead to consequences to all of the partners and thereby affect the business. Note the most important parameters in the present document.




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARTNERSHIP DEED

HINDUSTAN TRADING COMPANY

 

THIS DEED OF PARTNERSHIP Made on 14th day of October, 2019 BETWEEN

1.      ____________________________Aged about _____ years, Caste: _________________, Occupation: Business, Residing at __________________________________…………………………………Of the First Part

2.      ____________________________________________ Aged about______ years, Residing at:______________________________________________________                                                        ………………………………….Of the Second Part

 

WHEREAS The Parties herein above mentioned wish to conduct business together and thereby desire to establish a Partnership Company in the name of ______________________ Company. The aforesaid partners wish to record the terms of their Partnership vide the aforesaid Indenture.

WHEREAS The Partners shall conduct their Business at the shop located _____________________________________and at other such places that the partners may in future e decide for the furtherance of their business.

The Partners do hereby record the terms of their Partnership as under.

 

NOW THIS INDENTURE WITNESSETH AS HEREUNDER:

1.      Name of the Partnership Firm:

The Firm shall function under the name of ____________________________ Company with all its partners having equal share of 25% each in the said business.

2.      Business of the Firm:

The Partnership Firm so established shall engage in the following business-

i.                    Manufacturing, Trading, Buying, Selling, Packaging, Repackaging of Sanitary Wares, Cokes and Brasswares, Hardware materials, Electrical Appliance, Paints, Ropes, Raw materials used for construction purposes, Architectural Hardware goods and all such goods that constitute being a part of  any of the above mentioned category.

ii.                  Obtaining Dealership of a particular brand of Company of goods which are ancillary or fall under any of the above mentioned category and thereby transacting for sale and purchase of the said materials.

iii.                 Buying, Selling, Trading and transacting in the raw materials required for manufacture of any of the above mentioned goods for the purpose of business.

3.      Place of Business:

The Business of the Partnership Firm shall be conducted at the above stated address and at other such places as the parties may decide to occupy and use for conducting any of the above mentioned business or any other business ancillary to the above mentioned business.

4.      Type of Partnership:

The Partnership shall be determined “ At Will” of the Partners. Any of the Partners willing to retire from the Partnership shall do so after giving a written notice at least three months in advance from the date on which the Partner decides to retire from the Firm. The said notice must clearly indicate the intention to withdraw from the Partnership Firm.

5.      Name of the Partners:

Sr. No.

Name of the Partners

1.

 

2.

 

 

6.      Share of the Partners:

Sr. No.

Name of the Partners

Remuneration of Partners

1.

 

 

2.

 

 

All of the Partners hence have an equal share of 25% each in all of the assets held by the Firm.  The Remuneration payable to the working partnership shall be worked out as prescribed u/s 40 (b) of the Income Tax Act, such total remuneration shall be paid to the working partnership in the above stated ratio.   

The Parties shall be free to decide to increase or decrease the share of remuneration in the Firm as per their mutual agreement and in the interest of the business.

7.      Books of Accounts:

The Accounting year of the Partnership shall be 1st Day of April to 31st day of March in every financial year. The books of accounts shall be maintained accordingly. Whatever net profit or loss that the Firm makes shall be computed on the 31st of March of every year and shall be divided equally among all the four partners. Each of the Partners shall have the right to access the Books of Accounts so maintained.

8.      Contribution:

That the Parties of the First and Second Part shall make the Capital contribution to the extent of the business of the firm. The Parties of the First, Third and Fourth Part shall be the working partners who shall contribute their energy and time to the said business.

9.      Dissolution of the Firm:

The Partnership Firm shall be dissolved on death, insolvency, retirement, disability of any of the partners until the existing partners decide to continue the business under the same name by executing a fresh Partnership Deed to that effect.

10.  Share of the Retiring Partner:

If any of the Partners retire from the Partnership for any reason mentioned hereinabove, their share in Profit or Loss, made by the Firm shall be computed until the day of retirement of that Partner. The Heir of the deceased partner shall receive the amounts of share held by Him/ her in the said firm.

11.  Accounts:

All of the transaction made by the Partnership Firm shall happen from the Accounts opened in the name of the Firm. All or either of the Partner shall have the power to execute his/her signature in the Bank Account to operate and transact in the same.

12.  New Partner:

In case of an entry of a new partner, the same shall be subject to mutual agreement of the existing partners. The role and share capital of the new partner shall also be decided subject to agreement of all the partners.

13.  Dispute Resolution:

In case of a dispute between the Partners with respect to any topic related to the business or to any of the clauses of the Partnership Firm, the same shall be amicable settled through the medium of Arbitration. The disputed parties shall nominate their arbitrators who shall together select an independent arbitrator. The Panel of arbitrators so formed shall decide on the question of dispute which shall be binding on the Partners of the Firm.

14.  Alteration of the Partnership Deed:

Any change, alteration, modification, varied or cancelled in writing. Supplementary Deed or Deeds of partnership may also be executed for recording the same. Such Deeds shall be read in consonance with the present partnership deed and must be executed in the same manner.

IN WITNESS WHEREOF the Parties hereto have hereunto set and subscribed their respective hand and seals on the date and year first herein above written.

SIGNED, SEALED AND DELIVERED                                               BY THE  WITHINNAMED

 

x_______________________________                                            x___________________________

WITNESS NO. 1                                                                      WITNESS NO. 2

 

 

1.      _______________________________________________  x___________________

 

 

 

 

2.      ___________________________________________                      x___________________

 

 

 

 

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