DEED OF PARTNERSHIP FORMAT
This Deed of Partnership is made at…………………. on this………………day of ……………. between [Name of party 1], [Name of Party 2], [Name of Party 3], [Name of Party4].
1. First partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the First Party.
2. Second partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Second Party.
3. Third partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Third Party.
4. Fourth partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Fourth Party.
Whereas, the parties hereto have agreed to commence the business of……………. with its principal place of business at…………………..under the name and style of …………..on the terms and conditions incorporated in the Partnership Deed executed on ……………………
NOW, THEREFORE THIS DEED WITNESSETH as under:-
1.BUSINESS ACTIVITY
The parties hereto have mutually agreed to carry on the business of …………………….
2. PLACE OF BUSINESS
The principal place of the partnership business will be situated at ……………………………
3. TERM OF THE PARTNERSHIP
The partnership shall begin on[DATE]………….., and shall continue until terminated.
4.CAPITAL OF THE FIRM
The capital of the Firm shall be contributed in cash by the Total Partners Contribution.
5. PROFIT AND LOSS
The profit and loss of the Partnership Firm shall be equally divided among all the Partners and transferred to Partner’s current account.
-Name of the party share in profits
(i)…………..
(ii)…………..
(iii)…………..
(iv)…………..
6. Salaries and Withdrawals
The Firm shall open a Current account in the name of …………….[partnership Firm] at ………. any bank and that account shall be operated by partners jointly. Whereas, each partner shall, from time to time, withdraw and credit balance in their income account.
7. MANAGEMENT DUTIES
In the partnership firm, the First partner shall be Managing Partner and he will look after all the day to day transaction of the firm along with the legal activities and the remaining partners shall also devote their entire time to the conduct of the partnership business.
8.RETIREMENT
That any partner may retire from the during subsistence of the Partnership firm, it shall be competent from his/her to do so, provided to give at least two months’ notice in writing to the others but none shall leave the firm until or unless all the pending commitments are carried out, liabilities paid off, assets realized and accounts are rendered fully and settled finally to the entire satisfaction of each of the parties. The remaining partner shall pay to the retiring partner, the purchase money of his share in the assets of the firm.
9. DEATH OF PARTNER
In the event of the death of any partners, hereto the partnership firm hereby formed shall not dissolve, but shall continue. The legal heir or the representative of the deceased shall become the partner of the firm.
10.ARBITRATION
Whenever there by any difference of opinion or any dispute arises, or the breach thereof shall be referred by arbitration in accordance with the rules. The decision of the arbitration shall be final and binding on all partners, all the arbitration proceedings shall be governed by the Indian Arbitration Act.
In witness whereof the parties have signed and delivered this [Day/Month/Year] at………….
FIRST PARTNER SECOND PARTER
Name: Name:
Address: Address:
Signature: Signature:
THIRD PARTNER FORTH PARTNER
Name: Name:
Address: Address:
Signature: Signature:
WITNESS 1: WITNESS 2:
Name: Name:
Address: Address:
Signature: Signature:
