Partnership Deed Format

PARTNERSHIP DEED

 

This DEED OF PARTNERSHIP is executed on the [ Mention date of execution]  between: Mr. ................. S/o Shri ..................... aged about ...... Years, residing at [Mention address here] (hereinafter referred to as the FIRST PARTY)

                                                      A N D

Mr ................ S/o Shri ................. aged about ...... years, residing at [Mention address here]  (hereinafter referred to as the SECOND PARTY)

 

WHEREAS both the parties have decided to enter into a partnership for carrying on the business mentioned in the objects clause of this Deed of partnership:

WHEREAS the partners agree that this deed of partnership shall be deemed to have come into force on the day [Mention date here].

WHEREAS the partners have decided to reduce the terms and conditions of their partnership into writing as per the terms and conditions appearing hereinafter:

 NOW THIS DEED OF PARTNERSHIP WITNESSES AS FOLLOWS:

1. Commencement of partnership

The parties hereby agree that the partnership firm shall (be deemed to have or) come into force on the [Mention date here].

 2. Name and Style

The partnership shall carry on business in the name and style of "(Mention name of firm)". 

 3. Objects of the partnership

The partnership shall carry on the business of .....................[Mention list of products or services] or such other goods as may be agreed upon by the partners from time to time.

 4. Principal place of business

The partnership firm shall carry on its business from its principal place of business at [Address of the partnership firm] or at such other place/places as the partners may, from time to time, decide.

 5. Capital contribution

(i) The partners have agreed that each of them shall contribute a sum of Rs. [mention amount agreed to contribute by each partner] to the capital of the firm as their capital contribution.

 6. Loans by Partners

On amounts specifically brought in as loans to the firm by the partners, simple interest of [mention rate of interest] (per annum ) shall be payable.

 7. Remuneration of partners.

The partners will mutually decide, from time to time, the work to be undertaken by each of them, Remuneration payable to the partners for the work done by them shall be decided by the partners mutually from time to time.

 8. Accounts & Profit / Loss

(i) Proper books of account shall be maintained in the usual course of business and the same shall be closed once in a year to ascertain the net profit or loss of the firm for that year and they shall be kept at the place of business and either partner shall have access to all the books of accounts of the firm at all reasonable times and shall be at liberty to take copies of the same. The parties have agreed to share profits/ losses in the following proportion:

FIRST PARTY : [mentioned % of share]

SECOND PARTY : [mentioned % of share]

 9. Duration of partnership.

The partnership shall be one at will .

 10. Borrowing powers.

The firm may raise funds from any banks, financial institutions and other private parties for the purpose of the business of the firm and all the documents shall be signed by both the partners.

 11. Bank Accounts

(i) The firm may open one or more bank accounts and such accounts/s shall be operated by the both partners.

 12. Except to the extent mentioned herein above, the provisions of the Indian, Partnership Act, 1932 shall be applicable to the firm and the partners.

 13. No partner can sell or mortgage or transfer or assign his share or interest in the partnership property or business without the written consent of the other partner.

 IN WITNESS WHEREOF, the parties have set their hands this [Mention date here].

 

 

 First Party                                                                  Second Party

  

 Witnesses:

 1.

 

2.

Glovia Beauty Zone

DISCLAIMER:- THE ARTICLE IS BASED ON THE RELEVANT INFORMATION AVAILABLE AT THE TIME OF WRITING IT. IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT OR INDIRECT RESULT FROM THIS ARTICLE. THIS IS ONLY FOR KNOWLEDGE SHARING INITIATIVE.

THE AUTHOR - CS. SUDHIR ARYA, COMPANY SECRETARY IN PRACTICE & STARTUP CONSULTANT AND CAN BE REACHED AT MAILTOSUDHIRARYA@GMAIL.COM OR WWW.SUDHIRARYA.COM