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it's a partnership deed, Summaries of Comparative Law and Politics

Islamic University in UgandaComparative Law and Politics

partnership agreement between parties to a partnership business

Typology: Summaries

2019/2020

Uploaded on 11/17/2021

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PATNERSHIP DEED
This partnership deed is made this 9th day of January 2021 by and among Asiimwe Estella, Otim
Emmanuel, Mirembe Aisha, Mafta Mengi, Masaba Micheal, Ariga Musa and Kanda Bongo of Kasese,
Uganda, being of sound mind and full age and are herein collectively referred to as partners.
Whereas the above named parties have decided to establish a partnership (herein after referred to as
‘’the partnership’’) they have deemed it necessary and desirable to reduce the terms and conditions into
writing as mentioned here under.
IT IS THEREBY AGREED AS FOLLOWS;
That the Partners shall form a partnership to be governed by the Partnership ACT 2010 and all relevant
laws governing partnerships in Uganda.
8.0 MANAGEMENT.
8.1 LEADERSHIP.
All members shall be eligible to participate in the management and day today affairs of the partnership.
Each partner shall have an equal say in the running of the partnership business.
8.2. MEETINGS.
The partnership shall hold meetings presided over by a partner agreed on by the partners.
In case of urgent issues, such a meeting will be called with in a days’ notice.
8.3 RIGHTS AND DUTIES.
Every partner shall:-
Not engage in any business that competes with the partnership.
Give accountability of all monies earned from running the partnership business
Have the right to inspect the books of accounts.
Do all that is incidental to fulfilling his/her duties as a partner and objectives of the partnership.
FINANCES AND ACCOUNTABILITY.
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PATNERSHIP DEED

This partnership deed is made this 9th day of January 2021 by and among Asiimwe Estella, Otim Emmanuel, Mirembe Aisha, Mafta Mengi, Masaba Micheal, Ariga Musa and Kanda Bongo of Kasese, Uganda, being of sound mind and full age and are herein collectively referred to as partners. Whereas the above named parties have decided to establish a partnership (herein after referred to as ‘’the partnership’’) they have deemed it necessary and desirable to reduce the terms and conditions into writing as mentioned here under. IT IS THEREBY AGREED AS FOLLOWS; That the Partners shall form a partnership to be governed by the Partnership ACT 2010 and all relevant laws governing partnerships in Uganda. 8.0 MANAGEMENT. 8.1 LEADERSHIP. All members shall be eligible to participate in the management and day today affairs of the partnership. Each partner shall have an equal say in the running of the partnership business. 8.2. MEETINGS. The partnership shall hold meetings presided over by a partner agreed on by the partners. In case of urgent issues, such a meeting will be called with in a days’ notice. 8.3 RIGHTS AND DUTIES. Every partner shall:- Not engage in any business that competes with the partnership. Give accountability of all monies earned from running the partnership business Have the right to inspect the books of accounts. Do all that is incidental to fulfilling his/her duties as a partner and objectives of the partnership. FINANCES AND ACCOUNTABILITY.

The partnership shall run one bank account. 9.1. SOURCES OF FUNDING. The partnership shall receive funds from the partners in form of start-up capital. The partnership may receive funds from non-partners upon agreement by the partners. 9.2. SIGNATORIES TO THE ACCOUNT Money from the partnership account shall only be withdrawn by those authorized upon approval of the partners. PROFIT AND LOSS SHARING 10.1 PROFITS. Partners shall have equal share of the profits made from the business. This shall be after the deduction of all expenses and outgoings of the partnership. 10.2. LOSSES. Partners shall share the losses of the business equally amongst themselves. This shall be after the deduction of all expenses and outgoings of the partnership.

  1. ADMISSION. The partners may agree to admit new members into the business if that person has similar interest and is of full age. AMMENDMENT. The partnership deed is subject to amendment as and when the partners deem it necessary. DEATH OF A PARTNER. If a partner dies during the continuance of the partnership, the estate of the deceased partner shall receive his or her share after an account has been taken and the firm shall continue. ( This is for the continuity of the partnership).

ARIGA MUSA PARTNER

MAFTA MENGI PARTNER

KANDO BONGO PARTNER

REGISTRAR OF DOCUMENTS

Drawn and filed by: Firm C6 & Co. Advocates Leve1 3, Madhvani Building, P.O. 7117 Box Mbarara.

SALIENT FEATURES OF A PARTNERSHIP DEED.

NAMES AND ADRESSES OF ALL PARTNERS.

This is to identify which partner is who and their official names to be referred to them in the partnership deed. This is mainly for identification and easy location of the partners. DATE OF ESTABLISHMENT OF PARTNERSHIP. This is to determine the exact day when the partnership commences and when the activities of the partnership start running. And this is usually upon the issuance of a certificate of Registration of the business name. CAPITAL CONTRIBUTION. This capital is the money that will start up and fund the day to day activities of the partnership and all partners are required to contribute to the start-up capital as they will agree. The contribution of a partner to the start-up capital determines the amount of profits and loses shared. NAME OF THE PARTNERSHIP. The name of the partnership is its identity which helps persons contracting with it to easily identify and differentiate it from other partnerships. This name should be decent and it should conform to the rules under the Business Names Registration Act. LIABILIY OF THE PARTNERS. This usually involves the mode through which profits and losses are shared among the partners. Usually the losses and profits are equally shared among the partners in a limited liability partnership like the one formed above. A limited liability partnership is provided for under Section 47 of the Partnership Act

RIGHTS AND DUTIES OF PARTNERS. These rights and duties spell out the rights and duties owed to the partnership by the partners. These duties include, not engage in any business that competes with the partnership, to give accountability of all monies earned from running the partnership business, to have the right to inspect the books of accounts and to do all that is incidental to fulfilling his/her duties as a partner and objectives of the partnership. Once a partner breaches one of these duties they are held liable for breach. NAME. That the partnership shall operate under the name RWENZORI FISH EXPORTERS. NATURE OF BUSINESS. The partners shall engage in the exportation of fish.