PARTNERSHIP DEED
This Deed of Partnership is made and executed on this ____________ day of ____________, 20____________ at ____________, Uttar Pradesh.
BETWEEN
1. FIRST PARTNER
Name: ____________
Father’s/Husband’s Name: ____________
Age: ____________ Years
Address: ____________
PAN No.: ____________
Aadhaar No.: ____________
2. SECOND PARTNER
Name: ____________
Father’s/Husband’s Name: ____________
Age: ____________ Years
Address: ____________
PAN No.: ____________
Aadhaar No.: ____________
3. THIRD PARTNER (if applicable)
Name: ____________
Father’s/Husband’s Name: ____________
Age: ____________ Years
Address: ____________
PAN No.: ____________
Aadhaar No.: ____________
The above persons are hereinafter individually referred to as a “Partner” and collectively as the “Partners.”
The Partners have mutually agreed to carry on business in partnership upon the following terms and conditions:
TERMS AND CONDITIONS
1. NAME OF THE FIRM
The partnership business shall be carried on under the name and style of:
“____________”
or such other name as may be mutually agreed upon by the Partners.
2. REGISTERED / PRINCIPAL OFFICE
The principal place of business of the Firm shall be situated at:
____________
The Firm may open branches or additional offices at such places as may be mutually decided by the Partners.
3. COMMENCEMENT OF PARTNERSHIP
The partnership shall be deemed to have commenced from ____________.
4. NATURE OF BUSINESS
The Firm shall carry on the following business:
____________
The Partners may undertake any other lawful business with the mutual consent of all the Partners.
5. DURATION OF PARTNERSHIP
The partnership shall be a Partnership at Will, unless otherwise agreed in writing by the Partners.
6. CAPITAL CONTRIBUTION
The initial capital of the Firm shall be contributed by the Partners as follows:
| Partner | Capital Contribution |
|---|
| First Partner | ₹ ____________ |
| Second Partner | ₹ ____________ |
| Third Partner | ₹ ____________ |
| Total | ₹ ____________ |
The Partners may contribute additional capital whenever required for the business with mutual consent.
7. PROFIT AND LOSS SHARING RATIO
The net profits and losses of the Firm shall be shared by the Partners in the following ratio:
| Partner | Profit/Loss Share |
| First Partner | ____________ % |
| Second Partner | ____________ % |
| Third Partner | ____________ % |
| Total | 100% |
8. MANAGEMENT OF BUSINESS
The business of the Firm shall be managed by the Partners jointly / by the Managing Partner, as mutually agreed.
Managing Partner, if any:
Mr./Ms. ____________
9. DUTIES OF PARTNERS
Every Partner shall devote reasonable time, attention and skill to the business of the Firm and shall act honestly, faithfully and in the best interest of the Firm.
10. BANK ACCOUNT
The Firm shall maintain one or more bank accounts with any scheduled bank as mutually decided by the Partners.
The bank account shall be operated by:
____________
11. BOOKS OF ACCOUNTS
Proper books of accounts shall be maintained at the principal place of business of the Firm or at such other place as mutually decided by the Partners.
Every Partner shall have the right to inspect and take copies of the books of accounts during reasonable business hours.
12. FINANCIAL YEAR
The financial year of the Firm shall be from 1st April to 31st March of every year, or such other period as may be applicable under law.
13. DRAWINGS BY PARTNERS
Each Partner may withdraw amounts from the Firm for personal use subject to the limits mutually decided by the Partners.
Monthly drawings, if any, shall be:
First Partner: ₹ ____________ per month
Second Partner: ₹ ____________ per month
Third Partner: ₹ ____________ per month
14. INTEREST ON CAPITAL
Interest on capital, if payable, shall be allowed at the rate of ____________% per annum, subject to the provisions of the applicable law.
15. INTEREST ON LOANS / ADVANCES
Any loan or advance given by a Partner to the Firm, over and above his/her agreed capital contribution, shall carry interest at the rate of ____________% per annum, subject to applicable law.
16. PARTNER'S REMUNERATION
The Partners may receive salary, remuneration, commission or other payments for actively participating in the business of the Firm as mutually agreed and subject to applicable law.
Details, if any:
____________
17. BORROWING POWERS
The Firm may obtain loans, credit facilities or other financial assistance for business purposes with the consent/approval of:
____________
18. PROPERTY OF THE FIRM
All assets, properties, goodwill, intellectual property, licences, permits, receivables and other rights acquired for the Firm shall belong to the Firm and shall be used for the purposes of the partnership business.
19. RESTRICTION ON PERSONAL BUSINESS
No Partner shall, without the prior written consent of the other Partners, carry on any business which directly competes with the business of the Firm.
20. ADMISSION OF NEW PARTNER
No new Partner shall be admitted into the Firm without the consent of all existing Partners and on such terms as may be mutually agreed.
21. RETIREMENT OF PARTNER
Any Partner may retire from the Firm by giving written notice of ____________ days to the other Partners, subject to settlement of his/her accounts in accordance with this Deed and applicable law.
22. DEATH OF A PARTNER
In the event of death of any Partner, the amount standing to his/her credit, including capital, current account, share of profit/loss and other amounts legally payable, shall be determined and settled in accordance with the terms of this Deed and applicable law.
23. TRANSFER OF PARTNERSHIP INTEREST
No Partner shall transfer, assign, mortgage or otherwise deal with his/her share or interest in the Firm without the prior written consent of all the other Partners, subject to applicable law.
24. EXPULSION OF PARTNER
A Partner may be expelled only in accordance with applicable law and the terms of this Deed, particularly in cases of fraud, wilful misconduct, serious breach of the partnership terms or conduct causing substantial prejudice to the Firm.
25. GOODWILL
The goodwill of the Firm shall be treated as an asset of the Firm and shall be dealt with at the time of retirement, admission, dissolution or reconstitution in accordance with the mutually agreed terms and applicable law.
26. AUDIT AND TAX COMPLIANCE
The Firm shall maintain proper accounting and statutory records and shall comply with applicable requirements relating to income tax, GST, professional tax, licences, registrations and other statutory obligations, wherever applicable.
27. STATUTORY REGISTRATIONS
The Partners shall obtain and maintain all registrations, licences, permissions and approvals required for carrying on the business of the Firm.
28. INDEMNITY
A Partner shall indemnify the Firm and the other Partners against any loss caused by his/her fraud, wilful misconduct or unauthorised act done in violation of this Deed.
29. DISPUTE RESOLUTION
Any dispute or difference arising between the Partners concerning the Firm, its business, accounts, rights or obligations shall first be attempted to be resolved amicably.
If the dispute cannot be resolved mutually, the same shall be referred to arbitration in accordance with the applicable law, unless otherwise mutually agreed.
30. DISSOLUTION OF FIRM
The Firm may be dissolved by mutual consent of all Partners or otherwise in accordance with applicable law.
Upon dissolution, the assets and liabilities of the Firm shall be settled and distributed in accordance with the applicable provisions of law and the Partners' agreed rights.
31. SETTLEMENT OF ACCOUNTS ON DISSOLUTION
Upon dissolution, the accounts of the Firm shall be prepared and the assets shall be applied towards payment of liabilities, loans, capital and other amounts in the manner prescribed under applicable law.
32. NOTICES
Any notice required to be given under this Deed shall be made in writing and delivered to the address of the concerned Partner mentioned in this Deed or such other address as may be notified in writing.
33. AMENDMENT OF DEED
Any amendment, modification or alteration to this Partnership Deed shall be made in writing and shall be signed by all the Partners.
34. APPLICABLE LAW
The partnership and this Deed shall be governed by the applicable laws in force in India, including the Indian Partnership Act, 1932, as amended or applicable from time to time.
35. JURISDICTION
Subject to applicable law, courts having jurisdiction over the principal place of business of the Firm shall have jurisdiction in respect of matters arising from this Deed.
36. ENTIRE UNDERSTANDING
This Deed contains the terms agreed between the Partners regarding the partnership and supersedes any previous oral understanding concerning the matters specifically covered herein.
37. BINDING EFFECT
This Deed shall be binding upon the Partners and, to the extent permitted by law, their respective legal representatives, successors and permitted assigns.
ADDITIONAL TERMS AND CONDITIONS
DECLARATION
The Partners declare that they have read and understood all the terms and conditions of this Partnership Deed and have executed the same voluntarily, with their free consent and without any force, fraud, coercion or undue influence.
IN WITNESS WHEREOF, the Partners have signed this Partnership Deed on the date and place first mentioned above in the presence of the witnesses.
SIGNATURE OF PARTNERS
FIRST PARTNER
Signature: ______________________________
Name: ____________
SECOND PARTNER
Signature: ______________________________
Name: ____________
THIRD PARTNER
Signature: ______________________________
Name: ____________
WITNESSES
WITNESS NO. 1
Name: ____________
Father’s/Husband’s Name: ____________
Address: ____________
Aadhaar No.: ____________
Signature: _______________________________
WITNESS NO. 2
Name: ____________
Father’s/Husband’s Name: ____________
Address: ____________
Aadhaar No.: ____________
Signature: _______________________________
PLACE: ____________
DATE: ____________