PARTNERSHIP DEED

THIS DEED OF PARTNERSHIP is made on the _____________ day of __________ between Shri ___________, aged ____ years, of the first part,  Shri___________, aged  ____ years, of the second  part  and Shri __________, aged ___ years, of  the  third part , all are sons of Shri______________ and residents of ______________, hereinafter referred to as  ‘partners’  which expression  shall  include their  heirs,  successors,  executors, administrators and assignees.

WHEREAS the partners have been carrying on   business   in partnership under the name and style of M/s _______________ since _________.

AND WHEREAS the partners have decided to alter some of the clauses of the partnership deed dated ________.

AND WHEREAS the partners are desirous of reducing the revised terms and conditions of the partnership in writing.

NOW THIS DEED OF PARTNERSHIP WITNESSES AS UNDER:

1.That  the said partnership business shall be carried on  under the  name  and style of M/s______________________________________________  at  _________________________ but the same may  also be  carried  on under any other name(s) and/or  at  any  other place(s) as may mutually be agreed by the partners.

2.That the business of the firm shall be to deal in stainless steel and allied items or such other items as may be mutually agreed upon amongst the partners.

3.That the said partnership business has commenced on  _______

4.That the capital of the firm is as reflected from the books of account. Further capital shall be contributed by the partners in such shares and proportions as may be agreed upon amongst the partners.

5.That all the partners shall be working partners and they shall be responsible for carrying out the day today affairs of the business. That each partner shall be entitled to a salary of ______ per month, subject to the maximum of profits available. Salary shall not be paid or paid to the extent of profits available, in case of loss or insufficient profits. The salary shall be increased by ____% every year. The first increment shall fall due on ______.

6.That the partners shall be paid interest on capital or loan @ 18% p.a.  or at such other rates as may be permitted  by  the Income  Tax Act, as amended from time to time, subject to  the maximum  of  profits available. Interest shall not be paid or paid at such lower rate as may be agreed amongst the partners, in case of loss or insufficient profits.

7.That the profits or losses, as the case may be, of the firm shall be shared and borne by the partners EQUALLY.

8.That the partners shall draw such sums as may be mutually agreed amongst them. No interest shall be charged on such drawings.

9.That  the  duties  and  assignment of  work  of  the  working partners  shall be decided by the partners mutually from  time to time.

10.That proper books of account of the said business shall be maintained at the place of business of the partnership and the partners shall have access to the same.

11. That the accounts of the partnership shall be closed on 31st March, every year or at such other times as may be decided by the partners.

12.That the partners shall open one or more bank accounts as may be necessary and shall operate the same jointly or severally, as may be agreed upon amongst them.

13. That  it  is  explicitly understood by the  partners  that  no partner  shall sell, lease, mortgage or dispose of the  assets of the said business or raise any loan in the name of the said business without the consent of  the other partners.
 
14.That this shall be a partnership at WILL.
 
15.That the partners can, with mutual consent, admit any other person, as partner of the firm.

16.That on the death or retirement of a partner, the remaining partners can continues to carry on the business of the firm.

17.That on the death of a partner, his legal heir may be taken as a partner, if the legal heir so desires, on the same terms and conditions as are contained herein.

18.That  in  the  event of death or retirement of  a  partner  or dissolution of the firm by mutual consent, the accounts  shall be  made  upto the date of that event and the profit  or  loss upto  that date would be shared subject to the payment of  tax  etc.  and subject to the meeting of the liabilities in the ratio of profits or losses, as per the partnership deed of the partners, including the outgoing partner.

19.That  if  at  any  time,  any  dispute  arises  as   to   the interpretation  of  any of the above written clauses  of  this deed  of  partnership,  the  same  shall  be  referred  to  an arbitrator and proceedings in such a case shall be governed by the Indian Arbitration Act as in force that time.

20.In the absence of any specific provision under this deed, the provisions of the Indian Partnership Act, 1932 shall apply.

IN WITNESS to the above, the partners have signed below in the presence of witnesses on the day, month and the year above written.

PARTIES:
1.

2.

3.

WITNESSES:
1.

2.