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Partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners., Study Guides, Projects, Research of Law

Shoolini University of Biotechnology and Management SciencesLaw

Partnership deed is a partnership agreement between the partners of the firm which outlines the terms and conditions of the partnership between the partners. The purpose of a partnership deed is to provide clear understanding of the roles of each partner, which ensures smooth running of the operations of the firm.

Typology: Study Guides, Projects, Research

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PARTNERSHIP DEED
THIS DEED OF PARTNERSHIP is executed on this 27th day of March 2019, by and between:
1) SH. Sanjay Thakur Son of Sh. Laiq Ram, R/O Village & PO Kandaghat, District Solan, H.P.
(hereinafter referred to as first Partner), which expression shall, unless it is repugnant to the
context mean and include his legal heirs, successors, administators and against or anyone
claiming through or under him);
AND
2) SH. Inder Raj Suri Son of Late Sh. Ram Suri, R/O Village Rabon, PO Saproon, Tehsil District Solan,
H.P. (hereinafter referred to as second Partner), which expression shall, unless it is repugnant to
the context mean and include his legal heirs, successors, administators and against or anyone
claiming through or under him);
3) SH. Ashok Thakur Son of Sh. Beli Ram, R/O Village Androli, PO Ghanagughat, Tehsil Arki, District
Solan H.P. (hereinafter referred to as first Partner), which expression shall, unless it is repugnant
to the context mean and include his legal heirs, successors, administators and against or anyone
claiming through or under him);
4) SH. Sahib Suri Son of Late Sh. Rajinder Kumar Suri, R/O Village Rabon, PO Saproon, Tehsil
District Solan, H.P. (hereinafter referred to as second Partner), which expression shall, unless it
is repugnant to the context mean and include his legal heirs, successors, administators and
against or anyone claiming through or under him);
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Download Partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners. and more Study Guides, Projects, Research Law in PDF only on Docsity!

PARTNERSHIP DEED

THIS DEED OF PARTNERSHIP is executed on this 27th^ day of March 2019, by and between:

  1. SH. Sanjay Thakur Son of Sh. Laiq Ram, R/O Village & PO Kandaghat, District Solan, H.P. (hereinafter referred to as first Partner), which expression shall, unless it is repugnant to the context mean and include his legal heirs, successors, administators and against or anyone claiming through or under him); AND
  2. SH. Inder Raj Suri Son of Late Sh. Ram Suri, R/O Village Rabon, PO Saproon, Tehsil District Solan, H.P. (hereinafter referred to as second Partner), which expression shall, unless it is repugnant to the context mean and include his legal heirs, successors, administators and against or anyone claiming through or under him);
  3. SH. Ashok Thakur Son of Sh. Beli Ram, R/O Village Androli, PO Ghanagughat, Tehsil Arki, District Solan H.P. (hereinafter referred to as first Partner), which expression shall, unless it is repugnant to the context mean and include his legal heirs, successors, administators and against or anyone claiming through or under him);
  4. SH. Sahib Suri Son of Late Sh. Rajinder Kumar Suri, R/O Village Rabon, PO Saproon, Tehsil District Solan, H.P. (hereinafter referred to as second Partner), which expression shall, unless it is repugnant to the context mean and include his legal heirs, successors, administators and against or anyone claiming through or under him);

WHEREAS both the partners are major and have decided to enter into a parrtnership for carrying on the business of Wine Contractor under the name and style of M/s Rajesh Kumar & Co. in the objects clause of this Deed of Partnership. AND WHEREAS both the partners hereby agree that this deed of partnership has already commenced and come into force from 27.03.2019. AND WHEREAS it is agreed amongst both the partners that capital will be contributed to the business in 1:99 ratio each. To say that each partners will contribute his above said ratio share of the total capital contribution to the business M/s Rajesh Kumar & Co. AND WHEREAS both the partners to this Deed of Partrnership have decided mutually to reduce the term and condition of their partnership into writing as per the terms and conditions appearing hereinafter: NOW THIS DEED OF PARTNERSHIP WITNESSES AS UNDER-

1. COMMENCEMENT OF PARTNERSHIP: Both the partners hereby agree that this Partnership business had already commenced and come into force from 27.03.2019. 2. NAME AND STYLE: The partners shall carry on their business under the name and style of M/s Rajesh Kumar & Co. having its Bye Pass Kather Solan, Tehsil & District Solan (H.P.). 3. OBJECTS OF THE PARTNERSHIP: The partnership shall be carrying on the business of retail trade of wine as per the excise act and rules and of country liquor L-2, & L-14, Unit No._________, being Excise Licensee of the financial year 2019-2020 under the name and style of **M/s Rajesh Kumar & Co.

  1. PRINCIPAL PLACE OF BUSINESS:** The partnership business shall carry on its business from its principal place of business at L-2 & L-14. (Unit No._________), Solan (H.P). The partners are entitled to open its office at such place of places throughout India as they may decide from time to time. The firm can change/shift his office as per the decision made by Rajesh Kumar partners. 5. CAPITAL CONTRIBUTION: All the partners have agreed that whole capital amount in the business shall be invested by all of them in 25:25:252:25 ratio each partner in the total capital contribution to the firm M/s Rajesh Kumar & Co.

(c) Afford every assistance and co-operation in his power and use his skill and endeavor in the conduct and promotion of the business for his mutual advantages and of the business.

  1. Except to the extent mentioned hereinabove, the provisions of the Indian Partnership Act, 1932 shall be applicable to the business and the partners.
  2. That account books of the business shall be audited anmually by a Chartered Accountant mutually agreed and appointed by the business. That the account of the partnership business shall be taken on 31st^ March of every year when profit and loss accounts and balance sheet shall be prepared and net profit and loss as the case may be of the business shall be divided amongst the parrtners.
  3. That no partner shall have a right to pledge, hypothecate or alienate in any manner any property of the business to raise any loan for his individual purpose.
  4. The both the partners shall be faithful each other in all their dealings and transactions whatsoever in the said partnership business, and will at times during the business hours expect occassional and allowed absence, diligently and faithfully, employ themselves respectively in the conduct and management of the business and concerns of the said partnership and use their best and utmost endeavors to promote and beneficially extend the same.
  5. The death of any partner shall not cause dissolution of the partnership. The legal heirs of the deceased partner by way off Will etc. shall be considered as partners of the business.
  6. That each partner shall be entitled to draw a salary each month from the partnership business as may be mutually agreed amongst the parrties. The amount of the salary may be increased / decreased by the partners from time to time with mutual consent.
  7. That in case, any new partner is required to be included in the partnership business that will be done with the consent of both the partners.
  8. That any of the above terms / conditions and stipulations may be alerted, varied, added to this deed mutually by taking the consent of both the partners in writing.
  9. In the event of any disputes or difference arising between the partners with the regard to the interpretation of the terms hereof or with regards to the partners or with regards to the conduct of the business or otherwise, whether during or after the partnership the same will be referred to Arbitration under the provision of the Indian Arbitration Act and the decision of such Arbitration or Arbitrator as the case may, will be final and binding upon the partners and the arbitrator will be appointed by both the partners with mutual consent.
  10. Notwithstanding, anything stated here or provided herein partners have full power and discretion to modify, alter or vary the terms and conditions of this partnership deed, in any manner whatsoever they think fit by mutual agreement which shall be reduced into writing shall become appendage and part of this Deed.
  1. That in case of any dispute in respect of the partnership business between the parties to this partnership deed, the jurisdiction shall be solely of the Courts at Solan (H.P). ANYTHING INTO SIPULATED here shall be decided by mutual consent of the partners. IN WITNESS WHEREOF the parties hereto have affixed their signature in this Deed of Partnership on this date, month and year hereinabove first mentioned in presence of the witnesses. WITNESSES: Subhash Thakur S/O Sh. Chatter Singh R/O Village Kashlor & PO Diego Runner,Tehsil Pachhad District Sirmour. Ashish Rajta S/O Sh. Bali Ram Village Khali PO Kumarhatti,TEH. & Distt. Solan (H.P.). EXECUTANTS (Sanjay Thakur 1st^ Partner) (Inder Raj Suri 2nd^ Partner) (Ashok Thakur 3rd^ Partner) (Sahib Suri 4th^ Partner) M/s Rajesh Kumar & Co.