Partnership Deed

Topics: Partnership, Corporation, Income statement Pages: 5 (1162 words) Published: September 7, 2013
PARTNERSHIP DEED

WHEREAS the business carried on in the name and under the style of  M/S MARIYAM OVERSEAS, Flat No. 3, Greenwood Apartment, 22 Gokhle Marg, Lucknow had  been  a Partnership  Concern  wherein SRI ANIL MEHROTRA S/o Sri Kashi Nath Mehrotra, Aged about 40 yrs. R/o 3/445, Viram Khand, Gomti Nagar, Lucknow (U.P.) and MR. DHARAM GARG, S/o Sri Naresh Chandra Garg, Aged about 41 Yrs. R/o Kutchery Road, Rae Bareli (U.P.) had been Partner by a duly executed Deed of Partnership dated 07/09/2006

AND  WHEREAS w.e.f. 19th January 2009 partners have mutually agreed to alter para 5 & 8 of above deed due to this reason, a fresh partnership deed is being executed.

AND  WHEREAS the partners mentioned above deem it  proper  and necessary  to reduce to writing the terms and conditions  of  this partnership  to avoid misunderstandings amongst  the  partners, in future, if any.

WHEREFORE, this deed of partnership executed on 19th January 2009 Witnessed as under and the terms and conditions mentioned below shall govern this partnership unless and otherwise modified. .

NOW THIS DEED OF PARTNERSHIP WITNESSETH AS UNDER

(1)  That the Name & Style of the partnership business  shall  be “M/S AN OFFICE & INDUSTRIAL SOLUTIONS” or in any other name as  mutually  agreed  upon among the parties.

(2)  That  the principal place of business shall be at  flat No. 3, Greenwood Apartment, 22 Gokhle Marg, Lucknow (U.P.) or any other place  or  places  as mutually agreed upon between the partners.

(3)  That the partnership business shall be that of Sale of Furniture, Security Equipments, Industrial Products, Interior and Civil Work, Sale & Service of EPABX Systems or any other business or venture that may be agreed upon between the partners from time to time.

(4)  That  the firm may extend and expand its business in  such  other ways as may appear desirable. the firm can also open and close  Branch or Branches at any place in what so ever trade name as mutually agreed upon by the parties.

(5) That the capital shall be contributed by all the partners as and  when required by the firm for the smooth running of  the business of the partnership.

(6) That the partners shall be allowed simple interest at the rate  of 12%  on  their capital investment with the firm irrespective of the Profit or loss of the firm

(7)That the both Party of this deed will be working partner and have agreed  to  keep themselves actively engaged in  managing  the  entire affairs of partnership business and shall be responsible for  carrying out the day to day functioning of the partnership business.

(8)That all the remuneration payable to the partners shall be as under :

ANIL MEHROTRARs. 15,000.00 P.M.
DHARAM GARGRs. 2,000.00 P.M.
That the salary of Mr Anil Mehrotra Shall increase by 10% every year.

(9)  That the profits of the partnership business after deducting all the business expenses including Interest and remuneration paid and/or payable to the partners as in accordance with the clause 6 & 8 of this Deed of the partnership or any supplementary deed as may be divided between the partners as under :-

ANIL MEHROTRA50%
DHARAM GARG50%

(10)  That the profits & loss account and the balance sheet  shall  be drawn up every year on 31st day of March and the profit and loss after meeting all business expenses including interest and remuneration paid and/or  payable to partners shall be apportioned between the  partners according to the specified shares mentioned above in clause 9.

(11) That all the necessary and proper books of account shall be kept and  maintained by the firm at the place & places of business  of  the partnership and shall be open to inspection to all the partners at all the reasonable time.

(12)  That the partnership business shall be continued till such  time as the partners mutually decide and agree. It can be dissolved at any...
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