Partnership Deed - India | Find. Legal. Forms. com. This kit includes tools and guidelines to assist you in drafting a Partnership Deed. A partnership is the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. In India, this type of relationship governed by the Indian Partnership Act, 1.
India except the State of Jammu and Kashmir. A partnership deed can be entered into between persons who have attained the age of majority according to law, competent to contract and are of sound mind and health. The number of partners in a firm shall not exceed 2. This form is designed for use in India.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page. Partnership Deed(India)This Deed of Partnership (hereinafter referred to as “Deed”) is made at______ on this _____ day of _______ by and between: Shri ___________ aged about _______ years, son of Shri ___________resident of _____________________________ (Hereinafter to be called the First Party); Shri ___________ aged about _______ years, son of Shri ___________resident of _____________________________ (Hereinafter to be called the Second Party); Shri ___________ aged about _______ years, son of Shri ___________resident of _____________________________ (Hereinafter to be called the Third Party); Shri ___________ aged about _______ years, son of Shri ___________resident of _____________________________ (Hereinafter to be called the Fourth Party); [Remove/ Add extra names]WHEREAS the parties hereto desire to enter into the business of _____________________________ [specify], WHEREAS in order to accomplish their aforesaid desires, the parties hereto desire to join together in a partnership under and pursuant to the Indian Partnership Act, 1. Act"). WHEREAS Parties hereby agree (hereinafter together called the Partners) shall become partners in the partnership firm (‘Partnership’) of ______ for the term of ____ years with effect from _____ upon the terms and conditions hereinafter contained namely: (1) Name and Style. The Partnership shall be carried on in the name and style of M/s._____________________ (2) Place of business; Business.
A) The principal office and place of business of the Partnership (the "Office") shall be located at _____________________. The Partnership shall have such other or additional offices as the Partners may determine from time to time. B) The Partnership may also do and engage in [other ancillary business which can be conducted under this trade name/Partnership].
C) All transactions of the firm shall be done in the name of the Partnership and all goods shall be purchased or sold in the firm name. All the bills, vouchers, delivery notes, receipts, etc. Initial Capital; Further infusion. A) The initial capital of the Partnership shall be Rs.
Partners in the following proportions. First Party: _____% Rs.___Second Party: _____% Rs.___Third Party: _____% Rs.___Fourth Party: _____% Rs.___B) All the tangible and intangible assets of the firm including the goodwill, stock in- trade, benefit of business licenses and permits, benefits of contracts entered etc.
Sample Partnership Deed/ Agreement This Partnership Agreement is made on [Insert Date] between [Insert Name of Party 1] and [Insert Name of Party 2]. Name and Business.
This. DEED OF PARTNERSHIP. made this day of between. hereinafter called the partners of the first part and Second Part respectively. The Partnership Act, 1932 (Act No.IX of 1932) Contents Sections Particulars Preamble 1 Short title extent and commencement. 2. deed of partnership stating : (a) the firm-name, (aa) the nature of business of the firm. commencement of the Indian Partnership (Maharashtra Amendment) Act, 1984, such statement shall be sent or delivered to the Registrar within a period of one year firm. Application Form for Partnership Deed Application Form for Partnership Deed. Share This. Rating. 0. Application Form for Partnership Deed. Related Links. Related Links. Website of Forest Department of Rajasthan. Share This. developed with an objective to enable a single window access to information and services being provided by the various Indian Government entities. Start your free trial and access books, documents and more. The provisions of Indian Partnership Act. Similar to Indian Partnership Deed Format. INDIAN Partnership Deed. Draft Partnership Deed- Sochh. Partnership Deed Is. Partnership Deed. Partnership Deed Final. Rayar Mahima. Classification and Tabulation. Beneficial Construction of Statutes. Modern Physics in Ancient India.
Partnership will belong to the Parties in equal shares and the property of the Firm shall be used by the Parties exclusively for the business of the firm. C) Any further capital or infusion of funds 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. OR The Partners will contribute such further amounts towards the capital of the firm in equal_____ _shares as may be required from time to time. If any partner shall contribute more amount than its share in the capital it will be treated as a loan by it to the Partnership carrying interest at the maximum rate allowable as deduction under the Income Tax Act.] (4) Bank.
The Partners shall open one or more accounts either current, saving or overdraft or cash credit with _______________Bank ________________ or any other bank as may be agreed upon by the Parties and the account or accounts will be operated by the Managing Director or other authorised representative of each of the Partners hereto. Net Profits and Losses; Expenses A) 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. Net profit will mean gross profit earned in each year less the expenses of the management of the business including the rent of the premises of the Office including outgoings in respect of the salaries and wages of the staff, commission paid to others, and all other expenses incurred in connection with the business of the Partnership and all other expenses as may be allowable as deduction under the Income Tax Ac (7). The Partnership shall maintain usual account and other books at the Office and they shall be kept properly posted up to date and shall not be removed from the Office 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.
Start your free trial and access books, documents and more.Find out more. PARTNERSHIP DEED This deed of partnership is made on this. such arbitration proceedings shall be governed by Indian arbitration Act, which is in force. Indian Partnership Deed Format. Partnership Deed. Partnership Deed 2. Draft Partnership Deed- Sochh. Deed of Partnership. Partnership Deed Is. Partnership Deed - Format 1. Iii The Indian Partnership Act, 1932 Contents_ 51. Return of premium on premature dissolution 11 52. Rights where partnership contract is rescinded for fraud. PARTNERSHIP DEED. THIS DEED OF PARTNERSHIP IS MADE on this. 12th day of January, 2008. by and between. Mr. A. S/o. C. each Partner or his duly authorised agent shall have free access to the account books of the Partnership and shall be entitled to take copies or extracts from any or all such books and records of the Partnership Business. it shall be decided by Arbitration as provided for under the Indian Arbitration Act. That notwithstanding anything contained in the Indian Partnership Act it is hereby mutually agreed to by and between the parties that in case of death of any one or more partners. All disputes between the partners or between the Partner and the partnership arising out of the Partnership Deed which cannot be resolved in terms of this deed shall be referred for arbitration as per the provisions of the Arbitration and Conciliation Act, 1996 (26 of 1996).
B) All outgoings and expenses of the Partnership and all losses or damages incurred, interest payable for any loans received and taxes, etc. Partners in the shares in which they are entitled to the net profits of the Partnership business. C) All Partnership moneys, bills, notes, cheques and other instruments received by the Partnership shall as and when received be paid and deposited in the bank to the credit of the firms' account, except such sums as are immediately required to meet the current expenses of the Partnership firm. Contribution of Parties The First and the Second Party shall contribute their whole time, expertise and attention to the interests of the business, as mentioned in the Schedule attached hereto, and shall be the working Partners [If all Partners are Working Partners, please mention how each Partner shall contribute]. They shall be entitled to equal remuneration for their working out of the amount computed in the manner laid down under section 4. Income- tax Act, 1. The remuneration so computed shall be worked out and credited in the books of account, at the close of the accounting year period.
Managing Director. Partners hereby shall unanimously appoint ___________________ as the Managing Director who will represent the Partnership (8) Obligation of Parties A) Each Partner covenants that 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 or the Partnership and assets of the Partnership against the same and all other proceedings, costs, claims or demands in respect thereof; (iii) Indemnify the other Partners or the Partnership for any loss caused to it by wilful negligence or fraud in the conduct of the business.(iii) Give full information, disclosure and truthful explanations of all matters relating to the affairs of the Partnership to all the Partners at all times. Attend to the business of the Partnership diligently and actively.
Not withdraw any amount for its own profit, benefit or use as remuneration or otherwise without the consent of the other. B) No partner shall without the consent of the other Partners- (i) Engage in any other business directly or indirectly. Lend money or give credit of the goods of the Partnership to whom the other Partners have previously forbidden him to trust. Mortgage, charge or assign his share in the assets or profits of the firm.
Draw, accept or indorse any bill of exchange or promissory note on account of the firm.(v) Engage, remove or dismiss any apprentice, employee or agent of the firm. Give any security or promise for the payment of money on account of the firm except in the ordinary course of business.(vii) Give bail, bond or guarantee or become surety for any person or do or knowingly suffer any thing to be done where the Partnership property may be endangered. Buy, order or contract any property or goods for the firm exceeding Rs.___(ix) Sign any cheque on behalf of the firm to, a sum exceeding Rs.____ (x) Compromise or compound or, release or, discharge any debt due to the Partnership. Submit any dispute with any other person to arbitration or compromise or relinquish any claim, (xii) Withdraw any suit or legal proceedings filed by the firm.(xiii) Borrow any moneys for or in the name of the firm, or create any security or charge on the assets of the firm.[Additional provisions may be added on mutual consent](9) Books and Accounts. A) The accounting year of the Firm will be from 1st April to 3.
March of each Christian calendar year. B) A general account shall be taken of all the capital assets and liabilities to, the time being of the Partnership as on _____________ in each year. C) Partners hereby agree that a balance sheet and profit and loss account shall be prepared by M/s. Chartered Accountants or any other Chartered Accountants to be agreed upon by the Partners and a copy thereof shall be furnished to each of the Partners, who shall be bound thereby, unless some manifest error shall be discovered within six months, in which case such error, shall be rectified.
Immediately after the preparation of the said balance sheet and profit and loss account, the net profits less sums drawn by the Partners shall be divided to the Partners. Induction of new Partner.