PARTNERSHIP DEED
This deed of Partnership is executed at _____ on this _____ between:-
1- _____S/o _____, resident of _____ (hereinafter called the FIRST PARTNER/FIRST PARTY)
AND
2- _____ S/o _____ (hereinafter called the SECOND PARTNER/SECOND PARTY)
AND
3- _____ S/o _____ R/o _____
And whereas the parties have hereto have agreed to run a Partnership business of _____ under the name and style of _____ as per their mutual consent in the present partnership business and they are agreed to execute this deed of Partnership Deed as per the following terms and conditions:-
NOW THIS DEED WITNESSETH AS UNDER:-
1- That the name of the partnership firm shall be _____ or such other place or places as decided by the partners.
2- That the office and the business of the partnership Firm will be at at _____ and such other place as agreed upon by the partners.
3- That the ratio of the partnership shall be as under :
(i) _____ __%
(ii) _____ __%
(iii) _____ __%
That the profit and loss and Capital investment in the partnership shall be shared and invested as per their shares.
4- That the duration of the partnership firm is at WILL.
5- That if any partner wishes to retire from the partnership, he can do so by giving ____ month notice in advance in advance in writing to the another partner. But none of the partner shall be entitled to transfer his share of the partnership to any other person without written consent of the other partner.
6- That the partnership firm shall be deemed to have taken effect from _____.
7- That the Bank account of Partnership firm shall be opened with a _____ bank as per the convenience of the partners operated under signatures of both the partners. Or as may be mutually decided by the partners from time to time.
8- That proper full correct and regular accounts of sales purchase, receipts, payments, engagements transactions and dealings, of the firm shall be made and maintained at the premises of the firm under the direct supervision of partners and each partner shall have free access at all time without interruption or hindrance by any other to inspect. Securities and copy of the same at his own expenses.
9- That the financial year shall be the accounting year of the partnership business and on the closing of the _____, of each year on account shall be taken of all the assets and liabilities and of the profit and losses of the partnership business.
10- That none of the partner shall be authorized to do such type of business in his own name or in the name any of his family members.
11- That all acts, deeds and things done by the partners shall be done mutual consent of both the partners. None of them shall be authorized or be liberty to mortgage, transfer, hypothecation or encumber the partnership property stock in trace to any other person or to borrow any loan or to stand surety on behalf of the partnership firm without mutual consent of all the partner.
12- That all other matters for which no provisions has been made in this deed shall be decided by mutual consultation and understanding or the partners in accordance with the provisions of the partnership act _____.
13- That in case of any dispute arising there in between the partner of any kind whatsoever shall referred in arbitration under _____.
14- That on retirement death or banks repute of any partner his share or profit or losses and in the assets of the partnership after the liabilities shall be payable to him or his successors/representative of nominee or his heir/successors will be the partner of the firm and the fresh partnership deed will be executed for new partners.
15- That the firm shall not be responsible for the personal debts of the partners.
16- That court of _____ alone shall have the jurisdiction.
IN WITNESS WHEREOF the partners herein have set their hands on this deed of partnership on the day & year mentioned above witnesses:-
WITNESSES PARTNERS
1-
2-