Partnership Deed

Deed of Partnership

 This deed of partnership is made on [Date, Month, Year] between:
  1. [First Partner’s Name], [Son/Daughter] of [Mr. Father’s Name], residing at [Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as FIRST PARTNER.
  2. [Second Partner’s Name], [Son/Daughter] of [Mr. Father’s Name], residing at [Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as SECOND PARTNER.
  3. [Third Partner’s Name], [Son/Daughter] of [Mr. Father’s Name], residing at [Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as THIRD PARTNER.
  4. [Fourth Partner’s Name], [Son/Daughter] of [Mr. Father’s Name], residing at [Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as FOURTH PARTNER.
Whereas, the parties hereto have agreed to commence business in partnership and it is expedient to have written instrument of partnership. Now this partnership deed witnesses as follows:
  1. BUSINESS ACTIVITY
The parties here to have mutually agreed to carry on the business of [Description of Business Activity Proposed].
  1. PLACE OF BUSINESS
The principal place of the partnership business will be situated at [Address Line 1, Address Line 2, City, State, Pin Code]
  1. DURATION OF PARTNERSHIP
The duration of the partnership will be at will.
  1. CAPITAL OF THE FIRM
Initially the capital of the firm shall be Rs.  [Total Partners Contribution].
  1. PROFIT SHARING RATIO
The profit or loss of the firm shall be shared equally among all the partners and transferred to partner’s current account.
  1. MANAGEMENT
The [First Partner] of the firm shall be Managing Partner and he will look after all the day to day transaction of the firm and any legal activities in the name of the firm and the remaining partners shall co-operate to do so.
  1. OPERATION OF BANK ACCOUNTS
The firm shall open a current account in the name of [Partnership Firm Name] at any bank and such account shall be operated by [First Partner] and [Second Partner] jointly as declared from time to time to the Banks.
  1. BORROWING
The written consent of all Partners will be required for the partnership to avail credit facilities from any financial institution.
  1. ACCOUNTS
The firms shall regularly maintain in the ordinary course of business, true and correct accounts of all its transactions and also of all its assets and liabilities, the property books of account, which shall ordinarily be kept at the firm’s place of business. The accounting year shall be the financial year from 1st April onwards and the balance sheet shall be properly audited and the same shall be signed by all the Partners. Every Partner shall have access to the books and the right to verify their correctness.
  • RETIREMENT
If any partner shall at anytime during the subsistence of the partnership, be desirous of retiring from the firm, it shall be competent from his to do so, provided he shall give at least one calendar month notice of his intention of doing so. The remaining partner shall pay to the retiring partner or his legal representatives of the deceased partner, the purchase money of his share in the assets of the firm.
  • DEATH OF PARTNER
In the event of the death of any partners, one of the legal representatives of the deceased partner shall become the partner of the firm and in the event the legal representative show their denial to point the firm, they shall be paid the part of the part of the purchase amount calculated as on the date of the death of the partner.
  • ARBITRATION
Whenever there by any difference of opinion or any dispute between the partners the partners shall refer the same to an arbitration of one person. The decision of the arbitration so nominated shall be final and binding on all partners, such arbitration proceedings shall be governed by Indian Arbitration Act, which is in force. In witness whereof, this deed of partnership is signed sealed and delivered this [Day, Month, Year] at [City, State]: FIRST PARTNER                                                             SECOND PARTNER [Address Line 1]                                                             [Address Line 1] [Address Line 2]                                                             [Address Line 2] [City, State, Pin Code]                                                     [City, State, Pin Code] THIRD PARTNER                                                            FOURTH PARTNER [Address Line 1]                                                             [Address Line 1] [Address Line 2]                                                             [Address Line 2] [City, State, Pin Code]                                                     [City, State, Pin Code] WITNESS ONE                                                                 WITNESS TWO [Address Line 1]                                                             [Address Line 1] [Address Line 2]                                                             [Address Line 2] [City, State, Pin Code]                                                     [City, State, Pin Code]
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