THIS DEED OF PARTNERSHIP is made at
Mumbai this ____ day of _____, 200_,
BETWEEN : 1) MR. __________________________, an Indian Inhabitant, hereinafter
referred to as the Party of the FIRST
PART, 2) MR. _______________________ also an Indian Inhabitant hereinafter
referred to as the Party of the SECOND
PART, 3) MRS. _____________________, also an Indian Inhabitant,
hereinafter referred to as the Party of
the THIRD PART, 4) MR. __________________________, also an Indian
Inhabitant, hereinafter referred to as the Party
of the FOURTH PART, AND 5) MRS. ____________________________, also an
Indian Inhabitant, hereinafter referred to as the Party of the FIFTH PART.
WHEREAS :
i.
The parties hereto of the First, and Second Parts were
carrying on business in partnership under the name and style of "M/s.
____________________" as per Deed of Partnership dated __________ and
Addendum thereto dated __________,
alongwith , who has retired from the
said firm w.e.f. ___________, as per
Deed of Retirement executed on _______.
ii.
The parties hereto of the Third, Fourth and Fifth Part
have expressed their desire to join as partners with effect from ____ day of
__________, ____.
iii.
The parties hereto of the _____ and ______ Parts have agreed to admit
the parties hereto of the _____, ______
and _____ Part as partners w.e.f. __________ and have decided to carry on business in partnership on
certain terms and conditions as are
hereinafter contained.
NOW IT IS
HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS UNDER :
1.
That the partnership hereby re-constituted has
commenced its business from ____ day of
____________, ____.
2.
The duration of the partnership shall be "AT WILL".
3.
That the re-constituted partnership business shall
continue to be carried on under the name and style of "M/S.
______________" - and/or such other name or names as the partners may
agree upon from time to time.
4.
That the re-constituted partnership business shall
continue to be carried on at __________ ___________________________________,
Mumbai - 400 0__, and/or at such other place or places as may be decided by the
partners from time to time.
5.
That the partnership business shall be that of dealing
in the lands, carrying on business as building construction contractors, as
builders, construction of flats, shops, garage, etc. on certain plots of lands and the sale
thereof on ownership
basis. However, the partners by
mutual consent may add to any of the lines in the existing partnership business
or may do away with any of the lines.
6. (a) That the party hereto of the First Part is a working partner and is
actively engaged in conducting the affairs of the business of the firm. The
party of the __________ Part shall be entitled to a yearly remuneration to the
extent of Rs.___________/- (Rupees _______ Only) per annum.
(b) The
yearly remuneration payable to the party hereto of the _____ Part shall be
credited to his account at the close of accounting year when the final accounts
of the partnership are made up.
(c) The
above partner shall be entitled to draw the above yearly remuneration only
after the end of the relevant accounting year. However, nothing herein
contained shall preclude any of the partners from withdrawing any amount from
the partnership firm against the amount standing to his capital and/or current
or loan account or his share of profit for the relevant accounting period in
such manner as may be decided by the parnters by mutual consent.
7.
The credit balance in the capital accounts of all the
partners as on ___ ______________, ____ shall be treated as their capital and
the additional funds required for the purpose of the partnership business shall
be introduced or contributed by the partners in such manner as may be mutually
agreed upon. The simple interest at the
rate of __% per annum shall be payable by the partnership firm on the amount
standing to the credit of the capital and/or current or loan accounts of the
partners. If there is any debit balance
in the account of any partner, interest at the above rate shall be payable by
him to the partnership firm.
8.
The net profit of the partnership business as per the
accounts maintained by the partners after deducting all expenses relating to
business activities of the partnership including rent salaries and other
establishment expenses shall be divided and/or distributed amongst the partners
in the following proportion.
Name of the Partners Share of Profit
1)
MR. _______________ __%
2)
MR. _______________ __%
3) __%
4)
MR. _______________ __%
5) __%
-------
100%
====
The loss if any
including the loss of capital suffered in any year shall also be apportioned in
the above stated proportions.
9.
That the existing bank account/s of the firm shall be
continued to be maintained and operated in the manner prevailing on the date of
this indenture and/or new account or accounts of the partnership business shall
be opened with any bank or banks as may be mutually agreed upon. Such account
or accounts shall be operated by any of partners or as may be decided by them
as per mutual consent.
10.
That all the necessary and proper books of accounts
together with all letters, papers or writing concerning or belonging to the
partnership shall be regularly maintained and any of the partner or his/her
authorised agent shall at all times have free access to and the right to
inspect and copy the same.
11.
That each partner shall :
a) forthwith
pay all his/her separate debts and indemnify
and keep indemnified
the other partners and assets of the firm against the same and all expenses thereof ;
b) forthwith
pay in and deposit with the firm all moneys, cheques and negotiable
instruments received by him on account of the firm;
c) afford every assistance and co-operation in his/her power and use his/her skill and
endeavour in the conduct and promotion of the
business of the firm for their mutual advantage and benefit.
12.
That no partner shall without the consent in writing
of all the other partners assign or mortgage his/her share or interest in the
partnership firm.
13.
That the parties hereto shall be entitled to carry on
any business of any nature either individually or in partnership with others,
either in their own names or in the name of any other concern or firms and each
such business carried on in any such name or names shall be distinctly separate
and independent business.
14.
That the parties hereto agree that the death,
retirement or insolvency of any of the partners shall not dissolve the
partnership firm as to the surviving or continuing partners.
15.
That no good will shall be payable on the death or
retirement of any of the partner/s.
16.
In the event of any disputes or differences arising
between the partners with regard to the interpretation of the terms hereof or
with regard to the duties of the partners or with regard to the conduct of the
business or otherwise howsoever, whether during or after the partnership the
same will be referred to Arbitration under the provisions of the Indian
Arbitration Act, and the decision of such Arbitrator or Arbitrators as the case
may be will be final and binding upon the partners.
17.
Notwithstanding anything stated here or provided
herein the partners shall have full powers 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 and signed by all the partners, thereupon such writing shall become
appendage and part of this Deed.
ANYTHING
NOT STIPULATED HERE shall be decided by mutual consent of the partners.
IN WITNESS WHEREOF the parties hereto have
hereunto set and subscribed their respective hands on the day and the year
first hereinabove written.
SIGNED AND DELIVERED by the )
)
withinnamed MR. _________________ )
_________________
)
in the presence of .............................................. )
SIGNED AND DELIVERED by the )
)
withinnamed MR. _________________ )
_________________
)
in the presence of
............................................. )
SIGNED AND DELIVERED by the )
)
withinnamed MRS._________________ )
)
_________________
in the presence of
............................................ )
SIGNED AND DELIVERED by the )
)
withinnamed MR. _________________ )
_________________
)
in the presence of
........................................... )
SIGNED AND DELIVERED by the )
)
withinnamed MRS. ________________ )
_________________
)
in the presence of
............................................ )
N:\WORD\!DEEDS\!PD\!FORMAT.509
REF. : NRV \ VG
================================
DATED THIS ____ DAY OF
______, ____
================================
1)
__________________________
2)
__________________________
3)
__________________________
4) __________________________
5)
__________________________
DEED OF PARTNERSHIP