PARTNERSHIP DEED
Originally
deed of partnership is executed on XXXXX at Jaipur, and this deed of
partnership is made changes in original deed.
Between
1. JEETAM KUMAR SAINI S/o RAMDHAN MALI age of
24 years R/o, XXXXXXXXXXXX
Is the
first part (Here-in-after called the first party) ;
2. XXXX
S/o XXXX age of 26 years R/o, XXXXXXXXXXXXX, Jaipur (Rajasthan).
Is the
Second Party (Here-in-after called the Second Party);
(Among
of them shall here in after referred as partners which expression shall mean
and
Include their legal heirs, executers,
Administrators, representative and or assignees)
PREAMBLE:-
Whereas the above parties
proposed each other a proposal on 05-04-2012 and decided to carry on Hotel Restaurant
& Fast Food Business from the date mentioned above and now today they feel to
execute a written instrument deed of partnership. Therefore business profession
activities will be carried on by the partners as per the deed of partnership
smoothly at under mentioned terms and conditions and it is expedient to execute
a written instrument of partnership deed. Now this is an instrument of
partnership is witnesses as under:-
1. Name, Style
and place of business: That the parties hereto have mutually
agreed to carry on and will carry on the business in the name of XXXXXXXX Registered office will be at:1, XXXXXXXXX
Colony, XXXXXXXXXXXXXXJaipur. And Provided that the parties hereto may be mutual
Agreement among carry on any other business in any name other than the
specified above, or in more names than one or at more places than one, or at
more places than one, may shift the place of principal carried on at any place
or places.
-2-
2. DURATION:- That the duration of partnership is not fixed
and it shall be partnership at WILL .
3.
ACCOUNTS:- That the firm shall
regularly maintain, in the ordinary course of Business, a true and correct
account of all its incomings and outgoing and also of all its assets and
liabilities in proper books of accounts, which shall ordinarily be kept at
the firm’s place of business, and final
accounts shall be prepared once in every year on 31st March for
determination of profits and losses of business carried on by the firm and a balance sheet prepared of the firm asset
and liabilities as on that date which shall be signed by the parties here to
and copy which shall be supplied to each party. Every party shall have access
to the books of accounts, and the right to verify their correctness at
reasonable time during the business hours.
4. PROFIT
& LOSSES:- The net profit
share ratio will be which is written here-in-under. Net profit will be
ascertained of the partnership business as per the accounts maintained by the
partners after deduction of all expenses relating to business operation and its
management activities and business of the partnership including rent, Salaries
and other establishment expenses, any other expenses relevant to the business
as well as interest and remuneration payable to the partners in according with
this clause of the deed of partnership on the close of the accounting year. The
N/P will be distributed in following proportion (Profit ratio):
(a) ½ part to the first party (50% share of
N/P),
(b) ½ part
to the second party (50% share of N/P),
And the loss, if any, including loss of
capital suffered in any year shall also be
Apportioned in the above proportion.
5. CAPITAL: - (i) capital accounts. The capital contributed
Rs. 8.00 lacs (Eight) by party no. 1 and Rs.8.00 lacs(EIGHT) contributed by
party no. 2 and onward they will be contributed as per mutual consent in
agreed portion by the parties and if
more necessary capital as well as further funds require for the purpose of the
partnership business shall be contributed as cash or assets or managed by the
partners in capital ratio or in such a manner as may be mutually agreed upon by
and among the partners from time to time. The interest rate of 12% per annum on
credited capital or loan from partners or as may be prescribed under section 40
(b) (iv) of the income tax Act, 1961 or any other applicable provision as may
be income tax assessment of the partnership firm for the relevant accounting
period shall be payable to the partners on the amount standing to the credit of
the account of the partner’s capital a/c’s. Such interest shall be calculated
and credited to the account each partners at the close of the accounting year.
(ii) However, in case of loss or lower income, rate of interest can be nil or
lower than 12% as may be agreed to by and between the partners from time to
time.
(ii)
Land of Business premises belongs to first party so first party will
entertain rupees 1800/- per month for the rent of land from the business.
(iii) Both the party will contribute the equal
amount for the construction of business building, furniture & fixtures and
other capital material for the purpose of carrying on business. And any party
retiring from business will claim his capital contribution for aforesaid add
purposes according to market value on retiring date.
6. MANAGEMENT: Both partners have
agreed to work in the partnership firm as working partners. It is hereby agreed that in
consideration of the parties to take part working in the partnership. They
shall be entitled to remunerate as under:-
The
remuneration payable to each working partner shall be calculated at the net
income for each accounting period in the following manner [In respect of income
(Books Profit)]:
(a)
Salary payable to each working partners
Sh. XXXXXXXXXXXi Sh. XXXXXXXX
Rs. Rs.
7,000/PM 7,000/PM
(b) For purpose of above calculation, “income” other
than capital gain on long term capital shall be computed as defined in
explanation 3 to section 40(b) of the income tax act , 1961 or any other
applicable provision as may be in force for the income tax assessment of the
partnership firm for the relevant accounting period.
-3-
The
above partners shall not be entitled to draw any remuneration in the accounting
period in which the partnership firm has suffered loss on the basis of the
“income” as computed under the provisions of the income tax act, 1961 referred
to in (ii) above.
(c) The remuneration payable to the above shall be
credited to their respective account monthly or at the close of the accounting
period when final accounts of the partnership are made up and the amount of
remuneration shall fall due to them as then as determined in the above manner.
The said partners shall be entitled to the draw the above salary remuneration
per month or after the end of the relevant accounting period as per mutual
consent.
(d) The partners
shall be entitled to increase or reduce the above remuneration and may agree to
pay remuneration to the working partner or partners as the case may be. The
parties hereto may also agree to revise the mode of calculating the above said
remuneration as may be agreed to by and between the partners from time to time.
7. BANKERS:- That
the parties hereto mutual agreement shall maintain one or more than one bank
account with one or more than one bank of repute. And both the parties mutually
agree and decided that such account of banks shall be opened with any bank or
banks and these bank accounts shall be operated by all partners of the firm. It
is necessary to make their sign jointly on cheques for business payments and
cash drawings from bank for business purposes being partner and can do all
formalities for loan or c/c facilities or mortgage loan for the firm as may be
indicated to the Bank/Banks in the instructions given by the firm from time to
time.
8 ACTS NOT BE
TO DONE WITHOUT CONSENT: - That party shall, without the consent of
other parties that purpose, do any of the following acts, namely:-
(a) Engage while
he is a partner to be directly concerned, in any business other than of any
competing with the profession of the firm in market,
(b)
Engage or dismissed agents, clerks or
other servants for or of the firm,
(
c) Lend any money or deliver any goods belonging to the firm.
(d) Release or
compound any debts or claim owing to the firm, or admit any liability in suit
or proceeding against the firm.
(e)
Made any payment for or acknowledgment
any liability of the firm.
(f) Transfer his interest in the firm by mortgage, sale
or otherwise, or introduce or attempt to introduce any person into the firm as
an apprentice or otherwise.
(g)
Enter into partnership on behalf of the
firm.
(h)
Open a Bank account on behalf or the
firm in his own name.
ANY party committing any breach of any of the aforesaid mentioned
stipulations or cause loss by his fraud or willful neglect in the conduct of
the business of the firm , shall indemnify to the other party and or the firm
from all losses and expenses on account thereof.
9. SEPRATE DEBTS: - That parties
hereto shall regularly pay and discharge there separates debts and liabilities
and shall indemnify the firm against the same.
10. RETIREMENT
OF A PARTNER: - That any party hereto shall, at any time during the
subsistence of the partnership be desirous of retiring from the firm, it shall
be competent for his to do so and their credited amount in capital a/c shall be
payable in installments or one lump sums as agreed among the partners.
PROVIDED always
that he shall in such a case give at least half calendar month notice of his
intention so to do.
11. DEATH OF
PARTNER: - That in the event of death of first party (Partner), the
remaining second party will carry on the business in same name admitting the
deceased partner’s legal heir as partner in the firm otherwise the firm will be
dissolved.
-4-
12. WINDING UP
OF PARTNERSHIP:- That upon the final winding up of the firm, a general
account shall be taken of the assets and liabilities of the transaction of the
partnership, and settled in accordance with the provisions of the Indian
partnership act of 1932,and each party shall execut6e and do all such deed,
documents and things as may be necessary of convenient for affecting the speedy
winding up of the partnership affairs and for such mutual indemnity and release
as may be required.
13.
JURIDICTION: - That the jurisdiction will be at jaipur courts only and
the provisions of the Indian partnership act, 1932 shall apply, in the case of
differences, dispute or doubts among the parties hereto, provisions of the
Indian arbitration act, 1940 or any latest Indian arbitration act. If any
enforce shall apply.
In witness where of the
parties hereto have here under set their hands on today.
(Sh. XXXXXXXX)
Partner
First party
(Sh.
XXXXXXXXXXXXX)
Partner Second party
Witness: -
1
2
