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This is a sample of partnership Deed
Typology: Assignments
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This deed of Partnership made on this 15 th^ day of July, between:- 1 Sh.Charanjit Singh Bajaj s/o S. Gurnam singh resident of H.No.36 A Sarabha Nagar; Ludhiana here-in-after called the party of first part, 2 Sh. Sandeep Singh s/o Sh Shivraj Singh r/o H.No 467 W.No. 1 Mallan Colony Gidderbaha Distt Muktsar 152026. Here-in-after called the party of Second part. Both majors hereinafter called `as parties of First part and second part (which Expression shall mean and include themselves, their heirs, executors, administrators and permitted assigns of all sorts) WHEREAS Parties hereto have joined hands and commenced the business of Trading of General Merchandise Goods, Liquor and wine under the under the name and style of M/s New Deep Liquors Shop No. 35, opposite GNE College, near petrol pump Gill Road Ludhiana as partners with the objective to share the profits and lossess arising therefrom on the terms and conditions as mutually settled and agreed to between the parties vide this Partnership Deed.
l That the Partnership firm carry on its business under the name and style of M/s New Deep Liquors Shop No. 35,
opposite GNE College, near petrol pump Gill Road Ludhiana or under any other name or place may be as mutually decided by the partners 2 That the Partnership firm shall be running the business of Trading of I General Merchandise Goods, Liquor and Wine or any other allied items as May be mutually decided by the partners. 3 That the profits and losses of the firm shall be divided/born between the partners in ratio that is 75% Sh. Charanjit Singh Bajaj & 25% Sh. Sandeep Singh 4 That the business of the partnership firm shall be commenced with effect from 15th^ July,2013 and shall be terminable at will. 5 That the capital of the firm shall be contributed by the parties in the aforesaid ratio in which they are to share their profits and losses and the same shall form the stock of the Firm. 6 The bank account of the firm shall be operated by the partners singly, Jointly as agreed, or by the person authorized by the partners. 7 The parties hereto may open bank account in any bank as may be agreed by the parties hereto. 8 The Partnership firm shall not be responsible for the personal liabilities of ‘the partners, 9 That both the partners are working partners. Remuneration/salary shall be paid to the working partners shall be paid equal to sum of Rs.l5000/- (Rs.Fifteen thousand only) per month to both the partners. No remuneration shall be paid in case of loss. It is clarified that remuneration may be in the form of Salary/bonus/commission or any other remuneration by whatsoever name Called. 10 That the interest on the capital standing to the credits of the partners in account books of the firm may be allowed at prevailing market rates but not exceeding 12% per annum. 11 That the account books of the firm shall be maintained regularly in English and will be closed on 31st March every year. 12 That anything relating to partnership business not covered under the clauses of this deed shall be decided by the partners mutually and shall be recorded in into writing. 13 Any other matter not covered by this deed shall be governed by provisions of Indian Partnership Act, 1932. 14 Any dispute or difference between the parties which may arise with regard to the construction, meaning or effect of this deed or any part thereof or respecting the accounts , or profits or losses of the business or the rights or the liabilities of the parties to this deed or the dissolution of the Firm or the winding up of the business or any matter relating thereto shall be adjudicated by way of Arbitration of a sole arbitrator under the provisions of the Arbitration and Conciliation Act in force.