DEED OF PARTNERSHIP
DEED OF PARTNERSHIP
THIS DEED OF PARTNERSHIP ENTERED INTO THIS [START_DATE] BETWEEN
1. [PARTNER_1_DETAILS] hereinafter referred to as the party of the First part.
2. [PARTNER_2_DETAILS] hereinafter referred to as the party of the Second part.
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WHEREAS the parties of above three parts have agreed to constitute a partnership to carry on the business of [BUSINESS_NATURE] under the name and style of M/s. [FIRM_NAME] with office at [OFFICE_ADDRESS]
THIS DEED OF PARTNERSHIP IS AGREED UPON BY THE FOLLOWING TERMS, CONDITIONS AND STIPULATIONS
1. The name and style of the firm shall be M/s. [FIRM_NAME]
2. The principal place of business and the address of the partnership shall be at [OFFICE_ADDRESS] and changes in the place of business or of opening one or more places of business shall be done with the consent of the partners.
3. This partnership agreement shall commence from the [START_DATE] and shall be at the will of partners.
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4. The business of the partnership to carry on the Business of Constructions work and other related works as shall be agreed upon among the partners from time to time.
5. The Capital of the business shall be Rs. [CAPITAL_AMOUNT]/- and shall be contributed by 1st partner [PARTNER_1_CAPITAL],2nd partner [PARTNER_2_CAPITAL]. The capital of the firm may be increased or decreased from time to time according to the needs of the business. The capital amount shall not be drawn by the partners expect with the consent of the other partners.
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6. The partners shall be paid interest at 12% on the balance standing to the credit in their capital and current account.
7. The First partner is only Working partner, and partner are entitled to take part in the conduct of the business. For the service rendered, the first partners shall be entitled for an annual remuneration allowance under 40b(v) of the Income tax act.
8. The profit or loss of the partnership shall be divided among the 1st partner [PROFIT_SHARE_P1]%, 2nd partner [PROFIT_SHARE_P2]%, respectively.
9. Proper books of account shall be kept by the parties of all such transactions and things relating to the said business and the partners shall be free to inspect and take copies of the same whenever necessary.
10. The accounts of the firm and the business shall be closed on the last day of every financial year and the share of profit or loss of each partner ascertained.
11. Bank accounts shall be opened in any banks and shall be operated / maintained by 1st partner.
12. The firm may raise loans from time to time for the firm’s needs from banks, credit institutions and individuals and the documents connected with them shall be signed by first partner.
13. No partner shall draw from the partnership business more than the amount standing to the credit of his account without the consent of the other partners.
14. Any new partner or partners may be admitted to the firm on such terms as may be mutually agreed upon by the existing partners.
15. On the death of any of the partner, the surviving partners shall admit the legal heir or a representative of the various legal heirs of the decreased partner as a partner in the firm and shall continue the firm and shall continue the firm and the business.
16. In the event of retirement of any partner or partners, the accounts of the firm shall be closed on the date of retirement and the profits or losses if any, shall be shared or borne by all the partners in the proportion stated in clause No.8. The retiring partner shall not be entitled to any good will.
17. Each partner agrees to be bound by the acts of the other partners done in pursuance of this deed of partnership and acting on behalf of the partnership.
18. The partners shall be true and faithful to each other and shall not do anything, which may be detrimental to the interest of the firm.
19. In the event of any dispute arising between the partners in respect of this agreement the same may be settled amicably by submission to arbitration.
20. Except the foregoing terms and conditions, the partnership shall be governed by the Indian Partnership Act, 1932 as amended from time to time. For the true performance of the foregoing terms, covenants and agreements, the partners hereto bind themselves jointly and severally by these presents
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IN WITNESS WHERE OF the parties hereto set their respective hands
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