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Partnership


Partnership Deed

THIS DEED OF Partnership made this.........(Give date) day of .......(Give month) 200..(Give year) between A, resident of .....(Give address) of the ONE PART, and B, resident of ......(Give address) of the SECOND PART and C, resident of … (Give address) Of the THIRD PART.

NOW THIS DEED WITNESSED

That it is hereby mutually agreed that the said A, B, and C shall become partners in the trade or business of (Give the nature of business) upon the following terms and conditions:

  1. The partnership shall commence on the (Give date) day of… (Give month) 200…. (Give year) in the name of … (Give the name of the firm) and shall continue for a period of … years, until determined in the manner and upon the conditions as hereinafter provided.

  2. The partnership business shall be that of … (Give details of the business) and such other business or business as the partners may from time to time unanimously agree upon.

  3. The capital of the partnership shall be the sum of RS … (Give the capital) and shall be contributed by the partners in equal shares and shall belong to the partners in such equal shares.

  4. The profits and losses of the business (including loss of capital) shall be divided and borne by the partners in equal shares.

  5. That each partner shall be whole time working partner and they shall be paid Rs…. (Specify amount) as salary for services rendered to the partnership business.

  6. The firm shall maintain all necessary and proper books of account at its office and entries of all receipts, payments and other matters as are usually done and entered in account books, shall be made in the books of account. The bankers of the partnership shall be … branch … and such other bank or banks as the partners may from time to time unanimously agree upon. (Give the name of the bank and its branch)

  1. Neither partner shall directly or indirectly engage in any other business.

  2. Neither partner shall without the consent of the other partner-

    1. Assign, mortgage or charge his share in the assets or profits of the firm.

    2. Draw, accept or indorse any bill of exchange or promissory note on account of the firm.

    3. Enter into any bond or become surety for any person or persons or knowingly cause or suffer to be done anything whereby the partnership property may be endangered.

  3. If either partner commits any act of bankruptcy or any criminal offence or any breach of any of the provisions of this deed any act which would be a ground for the dissolution of the firm by the court or any partner becomes physically or mentally unfit to attend the business, then in any such case, the other partner may within one month after becoming aware thereof, determine the partnership by notice in writing and in such case he or any other partner shall have the option of purchasing the share of the partner committing breach or default, in the capital and assets of the business.

  4. All disputes between the partners or the partners and the representatives of a deceased partner in relation to any matter whatsoever touching the partnership affairs or the construction or interpretation of this agreement, and whether before of after the determination of the partnership shall be referred to a single arbitrator to be appointed by … and the decision of such arbitrator shall be final and binding. (Give name of the person or authority who will appoint the arbitrator)

IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first hereinabove written.

WITNESSES

Execution

1.

 

 

Signed and delivered by the above named A

2.

 

 

Signed and delivered by the above named B

 

 

 

Signed and delivered by the above named C



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