What is Partnership Deed
What is Partnership Deed, you can find any type of partnership deed for all business purposes?
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DEED OF PARTNERSHIP
THIS DEED OF PARTNERSHIP made on this 8th DAY OF MAY, TWO THOUSAND NINETEEN between (1) A Dey, daughter of A Ranjan Dey of ADDRESS aged about 35 years, by occupation business, hereinafter to as the party of the first part including their heirs, nominees, etc and (2) A Dutta, daughter of A Dutta, ADDRESS, aged about 41 years, by occupation business, hereinafter referred to as the party of the second part including their heirs, nominees, etc and (3) A Pal, daughter of A Kumar Dey, ADDRESS, aged about 30 years, by occupation business, hereinafter referred to as the party of the third part including their heirs, nominees, etc
AND WHEREAS, the parties of the first part, the second part, and third part have found themselves mutually suitable to do a common business under the same name or banner, decided to form a partnership in writing to pursue business objectives, goals, and activities.
AND WHEREAS to incorporate all the modalities, terms and conditions and all other aspects, a Deed Partnership now being executed by these parties to this deed of partnership on this 8th Day of May, 2019: –
Clause-1: – Date of Agreement :
All the partners have solemnly agreed upon to this indenture of partnership, with effect from forenoon of the 8th day of May, 2019.
Clause-2: – Name and Title of the Firm :
The name and style of the partnership firm shall be M/S. NAME. The same may be changed as and when necessary by mutual agreement by the partners.
Clause-3: – Address of the Firm :
It is agreed upon by all the partners that the firm’s business will be operated and controlled from its Office situated on its rented building at ADDRESS
However, it is also resolved that the firm has had the right to change its Office, workplace, workshop, etc to any other place in India and also to set- up the Branch of branches anywhere in India as per desire by all the partners In the future.
Clause-4: – Nature and object the Business/ Profession
This Partnership firm is being formed for and entitled to engage in any one or more business activities as below:
- To undertake the activities which are based on the social websites on tours n travels, photography, nature, environment, etc where people can share their various experiences, exchange their views with others, share their tours photograph. The objectives of these activities are to build knowledge and consciousness on tourism, nature, environment and living creatures on Earth. The firm, as per the desire of all partners, may publish magazines related to tours n travels, photography, nature, environment, etc.
- Firms’ goal or objects is to make the WEBSITE a travelers and nature lover’s pleasure place.
- To engage in any other activities of commerce, manufacture or trade which may be different from the activities mentioned in above sub-clause (a) & (b) of this clause.
Clause-5: – Capital Contribution:
It is decided that all the partners should bring in sufficient capital required for its smooth running of day to day affairs, installation of fixed assets and other development activities. However, the capital contribution ratio among the partners could be equal or unequal.
cause-6: – Division of Profit & Loss of the Firm:
Firm’s taxable/divisible/book – profit, after allowing all necessary trading expenses, remunerations and interest of capital to the partners, should be divisible among the partners on the following ratio:
Partners Profit/Loss Sharing Ratio
- A Dey………………………………….33.99%
3 A Pal…………………………………..33.99%
However, in the case of “Loss of the Firm, the same also has to be shared by the partners at above-mentioned ratio
Clause-7: – Status of Partners:
At present all the partners (excepting Retiring partner, if any) are to be considered as ACTIVE/WORKING PARTNERS.
However, the present status of the partner(s) may be changed in the future subject to the approval of all partners and acceptance of the concerned partner/partners.
Any partner not proactive to discharge his responsibilities (trusted on him) for a period of at least one year, with the approval of all other partners, will be considered as SLEEPING/INACTIVE partner. The SLEEPING/INACTIVE partner may nominate his/her legal heir (anyone) to be inducted in the firm subject to the approval of the other partners.
However, if the legal heir(s) of SLEEPING/INACTIVE partner is/are unwilling to enter into the firm and or the existing partners disapprove such entrance, then an amount equal to the share of divisible profit up to the date of such occurrence and the capital account balance lying to his credit, be repaid in full within 3 months from the occurrence of such Unwillingness of legal heirs/disapproval of induction of legal heirs by the other partners without any interest.
A partner in SLEEPING/INACTIVE status will not be allowed for more than 3 years. In such a case, if desired by all other partners, all his/her rights & share will be ceased. However, an amount equal to the share of divisible profit up to the date of death of such deceased partner(s) and the capital account balance lying to his credit, be repaid in full within 3 months from the occurrence of such cessation without any interest.
Clause-8: – Partner’s Loan
In the case of financial paucity of the firm, partner/partners is/are entitled to prove loan to the firm. Such loan amount will fetch a simple interest of 10% per annum.
Clause-9: – Partner’s Drawing
The firm on equal and /or unequal basis against their individual capital accounts, subject to the approval of all partners
Clause-10: – Partner’s Remunerations:
The remaining partners (excepting Retiring Partners) are entitled to receive remuneration from the firm as follow:
(a) Partners Salary, Interest on Loan and Commission, etc.:
Each partner is entitled to draw as depend on business. This quantum of remuneration may be revised in the following year(s) as pr approval of the partners.
(b) Interest on Partner’s Capital:
Besides the remuneration as referred to in sub-clause (a) of the clause, all the partners are entitled to receive interest on capital on the opening balance of their respective Capital Accounts of each year, should not exceed 12% per annum.
It is also resolved that the partners are entitled to reinvest their remuneration from the firm to their respective Capital Account as a further capital introduction.
The aforesaid quantum of remuneration as mentioned in sub-clause (a) and (b) above may be changed or renewed in the future subject to the approval of its existing partners
Clause-11:- Partners duties and managerial responsibilities:
Each of the partners here to be (authorized by at least 70% of the holding) entitled to do any or more of the following act(s), deed(s) and thing(s) on behalf of the partnership firm: –
- To manage and control the affairs of the firm,
- To appoint and dismiss the staff on behalf of the firm under specific terms and conditions,
- To enter into contracts in the usual course of business of the partnership,
- all suits and proceedings against the partnership firm relating to the business,
- To appoint solicitors, advocates, charted accounts on behalf of the firm,
- To appear before all civil and criminal courts or revenue authorities and to take all proper steps with regard thereto,
- To collect all money and discharge outstanding liabilities
(h) To enter into contracts for insurance Companies,
(i) To negotiate with State and Central Government or local or any
other authorities in respect of privileges such as electricity, rent,
water, power, license, octroi, and taxes, etc. and to enter into
agreement with the concerning partnership before such authorities
in all matters.
(j) To intimate, inform, report, submit various gov’t and all other concerned offices, department Tax, P.F. Trade License, labor office.
ClaClause-12:- Provision of seeking and borrowing loan:
In case of financial paucity of the firm or requirement of financial assistance for any development program, the firms are entitled to seek and borrow loans from banking concerns including Co-operative Bank, other financial institutions or private individuals.
ClaClause-13: – Provision of opening Bank Accounts:
It is provided that one or more bank accounts have/ have to be open in the name of the firm. Moreover, the said accounts should be operated by three partners.
Clause-14: – Maintenance of Books of Accounts:
The Books of Accounts of the firm should be properly maintained the Accounting year is to be commenced on 1st April every year and to be closed on the 31st March of the next year, i.e, consisting of 12 months except for the first accounting year which should consist the remaining months.
All the partners have the right to inspect such a book of accounts personally or through a specified investigator on her/their behalf, whenever it I necessary.
Clause-15: – Right to do separate Business:
It has been agreed upon that partner/ partners are/ is to engage in separate business/profession under individual capacity or as a partner(s), member(s) of other firms/ association or as a shareholder(s)/ director(s) of any company.
However, under no circumstance interest of this firm will be affected for the involvement of the partner(s) in other business/ profession.
Clause-16: – Introduction of new partner:
With the full approval of all the partners one or more individual(s) may be admitted in the firm as partners. It is obligatory on the part of the new partner(s) to abide by the conditions of this deed of partnership along with up to date amendments if any, and the amount of fresh capital and premium for goodwill to be brought in by the newly admitted partners as being determined by the existing active partners at the time of such entrance.
An active Partner can induct his legal heir (anyone) in his/her place and transfer his/her share of the firm to his/her legal heirs (anyone).
Clause-17: – Death, Insolvency, the retirement of existing partners:
The very firm’s existence will not be jeopardized in any way due to the death or insolvency or retirement of any one or more of its existing partners:
(a) In the case of death, the legal heir(s) of the deceased partner(s) may be inducted in the firm (approval will not be required for a deceased partner who was inactive status till death).
However, if the legal heir(s) of a deceased partner is/are unwilling to enter into the firm and new partner(s) or the existing partners disapproved such entrance, then an amount equal to the share of divisible profit up to the date of death of such deceased partner(s) and the capital account balance lying to his credit, be repaid in full within 3 months from the occurrence of such death without any interest.
- In the case of ‘Insolvency’ of any of its partners, the right of the insolvent partner in the firm be ceased forthwith and all their assets are to confiscated by the firm and their liabilities to the firm are also to be shouldered by the other existing partners.
- In the case of ‘Retirement’ of any of its provision under sub-clause (a) which is applicable in the case of death of any of its partners be followed as if the deceased partner is alive and retired.
- In the case of death of legal heirs of the deceased partner or in the case of ‘Retirement’ the retiring partner may retain their claim from the firm in terms of ‘Loan’ account at a simple interest of
10% per annum.
(e) No goodwill of the firm will be ascertained or assets or liabilities
will be revalued at the time of death, insolvency or retirement of
any of its existing partners.
Clause-18: – Arbitration Procedure for settling a dispute among the partners:
Any dispute between the partners should be settled by the partners themselves in a special meeting. The majority voting in favor of a particular decision should be obeyed by all the partners when a unanimous decision can not obtain. However, all the partners may appoint one mutually accepted person for settling their dispute.
Clause-19: – Dissolution of the Firm:
This partnership firm will not dissolve for the admission of new partner or death, insolvency or retirement of any of its existing partners.
This firm may be dissolved only in case of:-
- Unanimous decision taken by all the partners in favor of such dissolution, or
- The directive by the Government/ Court of the law in favor of such dissolution.
cause-20: – Amendment, abrogation and Partial / Complete change of this
It is agreed that any partial or complete alteration, additions, modifications or abrogation of this partnership deed can be made only when all the partners of this firm have decided to this effect.
We, the partners do hereby solemnly swear we should be trustworthy and faithful to each other and would exchange all information relating to the firm’s affairs between ourselves.
We further swear that we would be obligated to maintain all the 20 clauses as provided in this deed of partnership.
We do hereby solemnly affirm that we are signing the deed of the agreement herein under full of our mental alertness and physical fitness and without any provocation, instigation or pressure from inside or outside the firm or anybody else.
This is verified by us on the
Dated: – 08/05/2020
Place: Kolkata –
Witness: Signature of Partner
- 1. Partner of the First Part
2. 2. Partner of the Second Part
- 3. Partner of the third Part
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What is Partnership Deed What is Partnership Deed, you can find any type of partnership deed for all business purposes?