Partnership Deed (For Business)

PARTNERSHIP DEED

This Partnership Deed is made and executed on this the ____ day of __________ at ____________ By and Between:-

________________ S/o W/o D/o ______________ Aged about ____ years Occupation

_____________  R/o H.No. ______________________________________________.

( Hereinafter shall be called as First Partner )

________________ S/o W/o D/o ______________ Aged about ____ years Occupation

_____________  R/o H.No. ______________________________________________.

( Hereinafter shall be called as Second Partner )

          WHEREAS  the Partners 1 and 2 have agreed to establish a _____________ Business under the name and style of  __________  at Premises Bearing No. _______ _________________________________________ which is a Rented Premises.

NOW THIS PARTNERSHIP DEED WITNESSETH AS FOLLOWS

1.       The name and style of the partnership of _________________________.

2.       The above said ______________ Business shall be carried  in the Premises Bearing No. ____________ Situated at __________________________________  and it may be shifted to any other convenient place as per the decision of both partners.

3.       The partnership commences from _________ and the duration of the partnership shall be at will.

4.       The partners shall distribute the profit as per their percentage.

5.       The partner No. 2 have contributed a sum of Rs. ________/- (Rupees _____________ Only) in the said business which he/she had paid First Partner.

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6.       The accounting year shall be financial year from ______ to ________ every year, and at the end of each year both the partners shall take an account of profit and loss and such accounts shall be final and shall be signed by both the partners.

7.       No new partners shall be introduced into the partnership without the written consent of both the partners.

8.       The partnership firm shall open a Bank Account in any Nationalized or Co-operative Bank or Banks and the said account shall be operated by the said Partners.

9.       The partners shall not be entitled to sell, mortgage or create loans of whatsoever in or against their share in personal capacity, but they are at liberty to seek the financial assistance from any financial institutions on behalf of the firm.

10.     If any partner desires to retire from the partnership shall give a prior notice of _______ and have to settle all the accounts till the date of retirement, and the remaining partner is at liberty to continue the business by taking new partner or partners as per his/her desire.

11.     The partners in case of dispute shall appoint common arbitrator whose decision shall be final and binding on both partners.

13.         All other provisions of partnership Act, shall apply to this partnership.

14.     The said partnership shall be of percentage as under:

a)  ___% _________ Percent shall be of First Partner.

b) ___% __________ Percent shall be of Second Partner.

15.     That the profit shall be divided between them in the aforesaid percentage, and shall be divided between the said partners on the ____ day of every English calendar month.

16.     That the contents of this Partnership Deed shall bind the said Partners and their heirs.

IN WITNESS WHEREOF both the parties have affixed their signatures with free will and consent in the presence of the following witnesses on the date of place mentioned above.

WITNESSES:-

1.                                                                          FIRST PARTY

2.

                                                         SECOND PARTY