Manikyamba
(Lecturer )
26 April 2008
Sir, You can you this Draft
PARTNERSHIP DEED
THIS DEED OF Partnership made this 12th day of May 2008 between
1. A.Jagadish, S/o. Lingam, Aged about 33 years, Occ: Advocate, R/o.Hyderabad herein afte refered to as First party, and
2. K.manikyamba, D/o.Suryanarayana, Aged about 30 years, Occ: Advocate R/o. Hyderabad, herein after refered to as SECOND PARTY
Whereas First and Second Party are Practicing as Advocates in Hyderabad for last 5 years. The First Party and Second party together decided to start a Law firm by Name and Style of “JM Law Firm “, and open a office in Basheerbagh, Hyderabad.
Whereas First Party and Second party will deal with all the Legal Matters together and will share any matter each other and contribute to the development of JM Law Firm
NOW THIS DEED WITNESSETH
That it is hereby mutually agreed that the said First party and Second Party shall become partners in the Law Firm and upon the following terms and conditions:
1. The partnership shall commence from this day of Deed and shall continue for a period of 3 years, until determined in the manner and upon the conditions as hereinafter provided.
2. The partnership shall be that of Both First and Second party shall together deal with Legal matter and contribute to the development of the Firm and such other works as the partners may from time to time unanimously agree upon.
3. The capital of the partnership shall be the sum of RS 1,00,000and shall be contributed by the partners in equal shares and shall belong to the partners in such equal shares.
4. The profits and losses of the business (including loss of capital) shall be divided and borne by the partners in equal shares.
5. That each partner shall be whole time working partner and they shall be paid Rs10,000/-. as salary for services rendered to the partnership business.
6. The firm shall maintain all necessary and proper books of account at its office and entries of all receipts, payments and other matters as are usually done and entered in account books, shall be made in the books of account. The bankers of the partnership shall be Andhra bank, Basheerbagh branch and such other bank or banks as the partners may from time to time unanimously agree upon. Neither partner shall directly or indirectly engage in any other business.
7. Neither partner shall without the consent of the other partner-
i. Assign, mortgage or charge his share in the assets or profits of the firm.
ii. Draw, accept or indorse any bill of exchange or promissory note on account of the firm.
iii. Enter into any bond or become surety for any person or persons or knowingly cause or suffer to be done anything whereby the partnership property may be endangered.
8. If either partner commits any act of bankruptcy or any criminal offence or any breach of any of the provisions of this deed any act which would be a ground for the dissolution of the firm by the court or any partner becomes physically or mentally unfit to attend the business, then in any such case, the other partner may within one month after becoming aware thereof, determine the partnership by notice in writing and in such case he or any other partner shall have the option of selling the share of the partner committing breach or default, in the capital and assets of the business.
9. All disputes between the partners or the partners and the representatives of a deceased partner in relation to any matter whatsoever touching the partnership affairs or the construction or interpretation of this agreement, and whether before of after the determination of the partnership shall be settled between them amicably and no third party should enter into the conflict.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first hereinabove written.
WITNESSES Execution
1.
First Party
2.
Second Party
