THIS DEED of Partnership is made at Ahmedabd on 9th day of January 2012 by Ram Kishan Patel and between: Shri Hemant Patel aged about 22 years, son of Shri Shyam Patel resident of 2, Lal Bagh Ahmedabad (Hereinafter to be called the First Party); Shri Omkar Shah aged about 25 years, son of Shri Gopal Shah resident of 5, agrawal Nangar, Ahmedabad (Hereinafter to be called the Second Party); Shri Kunj Patel aged about 22 years, son of Shri Mukesh Patel resident of 3, Lal Bagh Ahmedabad (Hereinafter to be called the Third Party); Shri Angad Patel aged about 22 years, son of Shri Yogesh Patel resident of 4, Lal Bagh Ahmedabad (Hereinafter to be called the Fourth Party);
WHEREAS the parties to this deed have been carrying on the business of Travels under the name and style of M/s. Friends with its principal place of business at Ahmedabad on the terms and conditions incorporated in the Partnership Deed executed on 10th day of January 2012.
AND FURTHER WHEREAS the parties to this deed have been carrying on the above said business in partnership on the terms and conditions orally and mutually agreed amongst themselves as aforesaid;
AND NOW WHEREAS the parties to this deed desire that the terms and conditions on which they have been carrying on the above said business in partnership since 1st day of January 2012 and propose to continue in future be reduced to writing to avoid future difficulties or misunderstanding.
NOW, THEREFORE THIS DEED WITNESSETH as under, incorporating the aforesaid amendment/ alteration in the terms and conditions of the partnership:
1. That the partnership business has been and shall continue to be carried on under the name and style of M/s Friends.
2. That the partnership business has been and shall continue to be that of Travel with its principal place of business at Ahmedabad. The parties by mutual consent may carry on business at such other place or places, in such other name or names and of such other nature or natures, as they may deem fit and proper from time to time.
3. That the amount lying to the credit of the partners as on 1-01-2012 shall be deemed as their capital investment. Further capital, loans or deposits looking to the needs/requirements of the partnership firm shall be arranged, invested or contributed by the partners.
4. That interest at the rate of 12% per annum or as may be prescribed under section 40(b)(iv) of the Income-tax Act, 1961 or any other applicable provisions as may be in force in the income-tax assessment of the partnership firm for the relevant accounting period or at a lower rate as may be agreed to by and between the parties from time to time shall be paid to the partners or credited to the partners on the amount standing to the credit of the account of the partners.
Such interest shall be considered as an expenditure of the firm and shall be debited to the Profit & Loss Account of the firm before arriving at the divisible profit or loss. The interest to persons other than partners shall be paid or credited to their accounts at the rate or rates as may be agreed to by and between the partners and such persons from time to time.
5. That Shri Hemant, Shri Omkar, Shri Kunj and Shri Angad the parties of the all four parts have agreed to keep themselves actively engaged in conducting the affairs of the business of the partnership firm. The said partners shall be working partners. It is hereby agreed to that in consideration of the said parties keeping themselves actively engaged in the business of the partnership firm and working as working partners, shall be entitled to remuneration.
The remuneration payable to the said working partners shall be computed in the manner laid down or deduction under section 40(b)(v), read with Explanation 3 of the Income-tax Act, 1961 or any other applicable provision as may be in force in the...