Partnership deed
Tipsy
(Querist) 20 May 2009
This query is : Resolved
Can you suggest us draft for partnership deed between blood brothers
A V Vishal
(Expert) 20 May 2009
Dear Tipsy,
Generally, there is no separate format for partnership deed between blood brothers. Here is a general format of the deed, which can be modified according to your requirements.
PARTNERSHIP DEED
THIS DEED of Partnership made at.................. this .............. day of ...........…...., 2000, between A, son of O of Bombay Hindu inhabitant, resident of ............................... of the ONE PART, B, son of E of Bombay Hindu inhabitant resident of .............................. of the SECOND PART and Mrs. C, wife of F, of Nagpur Hindu inhabitant, resident of .............................. of the THIRD PART.
WHEREBY IT IS AGREED that the parties hereto (hereinafter together called the partners) shall become partners in the business of ............... for the term of .............. years with effect from ............. upon the terms and conditions hereinafter contained namely:
(1) The partnership shall be carried on in the name and style of M/s.
............................................................................
(2) The partnership business will be carried on at ................ and/or at such other place or places, as shall be agreed to by the partners from time to time.
(3) The capital of the partnership shall be Rs. .................... which shall be contributed by the partners in the following proportions.
First Party 40% Rs . ...................
Second Party 40% Rs . ...................
Third Party 20% Rs . ...................
The further capital if any required by the partnership shall be brought by the partners and such additional capital brought by the partners shall be treated as loan to the firm and shall be paid interest @ ............ % p.a. out of the gross profits of the firm.
(4) The partners may agree to increase the capital of the firm by bringing in additional contribution in the proportion of the shares held by them in the initial capital of the firm. At the time of increase of the capital, the additional capital of the partner or partners may be adjusted against the increased capital.
(5) The bankers of the partnership shall be ..................... Branch ................ The bank account of the firm shall be operated upon by any partner.
(6) The net profits of the business shall be divided between the partners in the proportion of the capital and they shall bear all losses including loss of capital in the same proportion.
(7) The firm shall maintain usual account and other books at the place of business and they shall be kept properly posted up to date and shall not be removed from the place of business without the consent of all the partners. Each partner shall have free access to the books of account of the partnership at all times and shall be entitled to make such copies or extract therefrom as he may think fit.
(8) The First and the Second Party shall devote their whole time and attention to the interests of the business and shall be the working partners. They shall be entitled to equal remuneration for their working out of the amount computed in the manner laid down under section 40(b) of the Income-tax Act, 1961. The remuneration so computed shall be worked out and credited in the books of account, at the close of the accounting year period.
(9) Each partner shall-
(i) Be just and faithful to other partners in the transactions relating to partnership business;
(ii) Pay his separate debts and indemnify the other partners and assets of the firm against the same and all other proceedings, costs, claims or demands in respect thereof;
(iii) Give full information and truthful explanations of all matters relating to the affairs of the partnership to ail the partners at all times.
(10) No partner shall without the consent of the other partners-
(i) Engage in any other business directly or indirectly.
(ii) Lend money or give credit of the goods of t
A V Vishal
(Expert) 21 May 2009
LLP has a long way to go
M. PIRAVI PERUMAL
(Expert) 21 May 2009
Search in our file section you can find formats of partnership deed.
SANJAY DIXIT
(Expert) 27 May 2009
Search in "share File" section of this site and you may get many formats.
You may also go through--
http://lawyersclubindia.com/share_files/files_display_search_results.asp?search_txt=partnership+deed&B1=GO
