This deed of partnership is made at ………(PLACE) on this ……… day of …………(MONTH) ……….(YEAR) BETWEEN Shri ………….., Son of …………., Resident of …………….(herein in after called the Party of the Ist. part).
2. Shri ……….., Son of Shri ……….., Resident of ……………..(herein after called the party of the second part).
WHEREAS party of the Ist. part has agreed to join hands as a partner in the business in the name and style of M/s. …………………………….. and has decided to set up a unit at …………….(PLACE) for manufacturing\Trading of ……………………
AND WHEREAS due to limited technical expertise of the trade as well as lack of manpower the party of the Ist. part has admitted party of the second party as partner in the business.
AND WHEREAS the party of the second part has agreed to become partner in the said business on the terms and conditions mentioned here under which has been executed in writing to avoid any possible dispute/disputes either at present or in future.
NOW THIS DEED WITNESSETH AS UNDER
1. That the business of the partners ship firm shall be deemed to have commenced w.e.f………(DATE)
2. That the business of the firm shall be carried on in the name and style of M/s. ……………………… and/or in any other name in case of need in future.
3. That the head office of the firm shall be situated at……………………..(ADDRES) And Factory/Branch Office at …………………(ADDRES) or any other place of places as desired from time to time.
4. That the business of the firm shall be to deal in manufacturing \Trading of ………………………………………at present and/or any other business etc. as desired/needed in the future.
5. That the profits and losses of the firm shall be equally divided between the party No. 1 and Party No. 2 and the same shall be credited to their respective capital accounts.
7. That the capital required in the business shall be contributed by both the parties as and when the need arises for in the business.
8. That a bank account or Accounts of the firm shall be opened in one or more than one scheduled banks and the same shall be operated by party of the Ist. part only of this deed.
9. That the party of the 1st. part shall be fully authorised to admit any new partner as deems fit and requires in future.
11. That the party of the first part shall be entitled to approach any Financial/Landing and other institution for any working capital term loan requirements if any with his own signatures and can execute documents as partner on behalf of the firm.
12. That in case 2nd party to this deed wants to retire from the firm he will have to seek the permission of financial institution so with consent and 3 months notice in writing he will have to serve on the party No. 1 and after the consent of the financial institution and on expiry of the said period he shall be permitted to retire from the firm.
14. That any alternation, additions, modifications, deletion to the terms and conditions of this deed can be made, effective by executing the same on non Judicial Stamp papers of Rs. 2/- only by the both parties
15. That Ist. account of the firm shall close on 31st March, 1993 and therein after on 31st March, every year.
16. That both the parties to this deed shall be joint and faithful to each other in all business transaction of the firm. Any party to this deed shall be at liberty to take abstrace or inspect the record of the firm either personally or through their legal representative from business premises only.
17. That the partnership is at will.
18. That in case of any dispute or disputes between the partners with regard to the interpretation of deed or any other matter relating to partnership business the same shall be referred to sole arbitration of Shri Devinder Kumar Kapooria Chartered Accountant at Delhi whose decision shall be final and binding on both the parties to this deed.
19. The Capital of the firm is Rs. ………………………………….. which is contributed by both partners equally
20. The firm may be dissolved by mutual contest. The firm shall stand dissolved on a partner becoming bankrupt.
21. On death of a partner, surviving partner may either;
(i) Pay the legal heir of the deceased partner. The value of his interest and share in the firm as stated in the preceding clause, or
(ii) Take the legal heir as partner in place of the deceased with the same right and obligations as the deceased partner had, or
(iii) Dissolve the firm.
In witness whereon the parties to this deed have affixed their hands on the. above written in presence of the following witnesses.
DATE:
PLACE:
WITNESSES
1.
Signature
Ist. party of the Ist. part
2.
Signature
2nd party of the 2nd part
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