Partnership deed
Maya Arora
(Querist) 18 March 2009
This query is : Resolved
Can anybody provide me reconstituted partnership deed after the death of one parner, leaving the other three partners by giving his share of profit to one of partner through a will.
sanjeev murthy desai
(Expert) 18 March 2009
RECONSTITUTION OF PARTNERSHIP DEED
Note: This is only a draft format and not a format prescribed under any law. This
format can be used with modifications suiting to your requirements wherever it is
necessary. In case of doubt regarding payment of Stamp duty and Registration fee
etc. contact the concerned Sub-Registrar / District Registrar.
RECONSTITUTION OF PARTNERSHIP DEED
This deed of partnership made and executed on this the day of .. . . . . . .
. . … . . .. . . at Bangalore By and Between:
1. . . . . . . ……………………………. Hereinafter referred to as the first
party.
2. . . …………………………………. Hereinafter referred to as the second
party/retiring partner.
3. . . ………………………………….. hereinafter referred to as the third
party/retiring partner.
4. . . . . . . .. . . . . . . . . . . . . . .. . hereinafter referred to as the fourth
party/incoming partner.
(The terms fist, second, third and fourth parties shall wherever the
context to request mean and include their respective heirs, legal
representatives, administrators, executors and assigns) of the each part
shall witnesseth:
Whereas the parties 1 to 3 herein have been carrying on business as
partners of the firm under the name and style of . . . . . . . . . . . . . . . . . ..
. . . . . . . . . . .. .. The parties 2 to 3 herein have expressed their desire to
retire from the firm and the fourth party herein as offered to come in as a
partner to continue the business of …. . . ………………………………
Upon the parties 2 and 3 herein offering to retire from the firm the
accounts of the firm have been drawn.
Whereas the party of the third part has lent substantial amount of
money to the firm to meet the exigencies of the business apart from
contributing to the capital of the firm. The parties 1 and 4 herein have
decided to continue the business in the same products in which the firm
was dealing and to take over the liabilities of the fir, all the assets
together with goodwill and name. Hence this re-constitution deed.
NOW THEREFORE THIS DEED OF PARTNERSHIP
SHALLWITHNESSETH:
1. Name of the Firm:
2. Place :
3. PURPOSE:
Manufacture and sale of electrical varnishes of all grades, polymers
resins and such other products which may be decided by the partners
from time to time. To engage in trading activities in dyes, chemicals
pigments etc.,..
4. DURATION OF PARTNERSHIP:
The duration of partnership will be AT WILL. However, it shall not be
dissolved for atleast five years or with the consent of both continuing
partners.
5. CAPITAL:
First and fourth parties herein who will be contributing Rs… . . . . . each
towards the share capital.
6. SHARING RATIO:
50:50 each between two partners out of the profits and losses.
7. BANK ACCOUNT:
The firm shall have in its name such Bank Accounts as may be
necessary with any Bank, wither schedule, Co-Operative or Nationalised
Bank and the Bank Accounts shall be operated by the Managing Partner.
8. MANAGEMENT:
Sri. . . . . . . . . the first party herein shall be the managing partner of the
firm he shall carry on day to day affairs of the firm in the best interest of
the partners with the assistance of the other partner. Matters relating to
line of business, finances, place of business, salaries, appointments etc.,
shall be decided from time to time by the managing partner.
9. FURTHER INVESTMENT:
In case of necessity the partners have agreed to invest money for
effectively running the unit. Such additional investment shall be treated
as loan and such lending partner will be entitled to 18% p.a. interest on
such amount.
10. In case of death, insolvency, lunancy or retirement of any one of the
partner of the firm, the firm shall not automatically get dissolved. The
surviving partner will be entitled to continue the firm either by taking
new partners or without inducting anybody.
11. BORROWINGS:
The partners may, by mutual consent, borrow the funds from any bank,
society, co-operative Bank, financial institution
Maya Arora
(Querist) 18 March 2009
Mr. Desai
thanks for providing this format. But this format talks more about the retiring partner. I am having this format.Do you have another format, which will serve the purpose.
adv. rajeev ( rajoo )
(Expert) 19 March 2009
kindly send ur corresspondance address so I can send the format.
My address:
Rajeev S Vadrali
Advocate
K.C.Rani Road,
GADAG ( Karnataka) 582 101.
ninnaraj@gmail.com or rajlegalnet@yahoo,com
G. ARAVINTHAN
(Expert) 19 March 2009
I have submitted this kind of document in this site.
Kindly refer share filed menu and reply me if you get the deed..
Hiralal Das
(Expert) 04 April 2009
I agree with the opinions of my learned members friend. You may follow them.
