Partnership Agreement

Topics: Selangor, Contract, Corporation Pages: 4 (799 words) Published: August 28, 2013
PARTNERSHIP AGREEMENT
(section 31 (1) AP 1961)

This is the partnership agreement between:

GOVIND RAJ A/L S GANESON ( IC: 860218-35-5593 )

And

MUHAMMAD IZHAM BIN ROSLI ( IC: 881019-06-6265 )

Date:

8th February 2013

Refer to hereafter as “The Partners”

1. Name and Business
1.01. The partners agree to conduct business under the name “Penaeus Global“ (reg no.), Referred to hereafter as “The Partnership” at the business premises located at Blok A 10G, Bistari De Kota, Jalan Teknologi 3/9, Kota Damansara, 47810 Petaling Jaya, Selangor. 1.02. Business activities conducted shall be prawn fishing, sale of bait, sale of fishing equipment, sale of prawn, sale of cigarettes, sale of food and drink, organizing parties, events or fishing trips. 1.03. Both partners must open a joint current account to be used for emergencies (refer 3.04).

2. Term
2.01. The partnership shall begin on the date in accordance with this agreement. December 2012 and continue until dissolution

3. Partnership Share and Capital
3.01. Ownership shall be acknowledged as 50% for each partner. 3.02. It is acknowledged that the initial capital for the business of RM 24,980.00 has been paid by GOVIND RAJ A/L S GANESON. 3.03. The breakdown of capital paid by GOVIND RAJ A/L S GANESON is as follows: Rental Advance: RM 4,000.00 Security Deposit: RM 8,000.00 Utilities Deposit: RM 4,000.00 Pond Deposit: RM 8,000.00 Bin Deposit: RM 850.00 Company Registration: RM 70.00 Company Stamp: RM 60.00 3.04. Cost of renovations shall be borne by MUHAMMAD IZHAM BIN ROSLI until the amount paid by GOVIND RAJ A/L S GANESON (refer 3.02) is reached. Further costs shall be borne equally by each partner. 3.05. Upon completion of renovations, each partner must have borne 50% of costs for the business. This includes rent advances, deposits, licenses, permits, materials and renovation

wages. Failure to meet this criterion will result in the voiding of clause 3.01 and ownership percentage shall be...
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