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DEED OF PARTNERSHIP

THIS DEED of Partnership is made at.................... on this .................... day


of ............... by and between: Shri ............................... aed abo!t .............. years" son of
Shri .................................. resident of ################ $Hereinafter to
be %a&&ed the First Party'( Shri ............................... aed abo!t ............... years" son of
Shri .................................. resident of ###############$Hereinafter to be
%a&&ed the Se%ond Party'( Shri ............................. aed abo!t ................ years" son of Shri
.................................. resident of $Hereinafter to be %a&&ed the Third Party'(
Shri .......................... aed abo!t ................. years" son of Shri ..................................
resident of $Hereinafter to be %a&&ed the Fo!rth Party'(
)HEREAS the parties to this deed ha*e been %arryin on the b!siness
of ....................................... !nder the name and sty&e of +,s. ......................... with its
prin%ipa& p&a%e of b!siness at ............. on the terms and %onditions in%orporated in the
Partnership Deed e-e%!ted on .........................................
AND )HEREAS *ita& amendments ha*e been made by the Finan%e A%t" .//0 in
the pro%ed!re for assessment of firm. 1onse2!ent to the said amendment" the parties to
this deed had a meetin and ha*e ora&&y and m!t!a&&y areed to amend and a&ter some of
the terms and %onditions %ontained in the aforesaid partnership deed with effe%t from .343
.//0.
AND F5RTHER )HEREAS the parties to this deed ha*e been %arryin on the
abo*e said b!siness in partnership on the terms and %onditions ora&&y and m!t!a&&y areed
amonst themse&*es as aforesaid(
AND NO) )HEREAS the parties to this deed desire that the terms and %onditions
on whi%h they ha*e been %arryin on the abo*e said b!siness in partnership
sin%e ...................... and propose to %ontin!e in f!t!re be red!%ed to writin to a*oid f!t!re
diffi%!&ties or mis!nderstandin.
NO)" THEREFORE THIS DEED )ITNESSETH as !nder" in%orporatin the
aforesaid amendment, a&teration in the terms and %onditions of the partnership:
.. That the partnership b!siness has been and sha&& %ontin!e to be %arried on !nder
the name and sty&e of +,s. ....................................
0. That the partnership b!siness has been and sha&& %ontin!e to be that
of ................ with its prin%ipa& p&a%e of b!siness at .............. The parties by
m!t!a& %onsent may %arry on b!siness at s!%h other p&a%e or p&a%es" in s!%h other
name or names and of s!%h other nat!re or nat!res" as they may deem fit and
proper from time to time.
6. That the amo!nt &yin to the %redit of the partners as on .343.//0 sha&& be deemed
as their %apita& in*estment. F!rther %apita&" &oans or deposits &oo7in to the
needs,re2!irements of the partnership firm sha&& be arraned" in*ested or
%ontrib!ted by the partners.
4. That interest at the rate of .89 per ann!m or as may be pres%ribed !nder se%tion
4:$b'$i*' of the In%ome3ta- A%t" ./;. or any other app&i%ab&e pro*isions as may be
in for%e in the in%ome3ta- assessment of the partnership firm for the re&e*ant
a%%o!ntin period or at a &ower rate as may be areed to by and between the
parties from time to time sha&& be paid to the partners or %redited to the partners on
the amo!nt standin to the %redit of the a%%o!nt of the partners.
S!%h interest sha&& be %onsidered as an e-pendit!re of the firm and sha&& be
debited to the Profit < =oss A%%o!nt of the firm before arri*in at the di*isib&e profit
or &oss. The interest to persons other than partners sha&& be paid or %redited to their
a%%o!nts at the rate or rates as may be areed to by and between the partners and
s!%h persons from time to time.
>. That Shri ................................ Shri ..................... and Shri ............................ the
parties of the ....................... parts ha*e areed to 7eep themse&*es a%ti*e&y
enaed in %ond!%tin the affairs of the b!siness of the partnership firm. The said
partners sha&& be wor7in partners. It is hereby areed to that in %onsideration of
the said parties 7eepin themse&*es a%ti*e&y enaed in the b!siness of the
partnership firm and wor7in as wor7in partners" sha&& be entit&ed to rem!neration.
The rem!neration payab&e to the said wor7in partners sha&& be %omp!ted in
the manner &aid down or ded!%tion !nder se%tion 4:$b'$*'" read with E-p&anation 6
of the In%ome3ta- A%t" ./;. or any other app&i%ab&e pro*ision as may be in for%e in
the in%ome3ta- assessment of the partnership firm for the re&e*ant a%%o!ntin year.
S!%h amo!nt of rem!neration sha&& be distrib!ted between the said wor7in
partners in the fo&&owin proportion:
A. Shri ................................ ....... per %ent of s!%h amo!nt
?. Shri ................................ ....... per %ent of s!%h amo!nt
1. Shri ................................ ....... per %ent of s!%h amo!nt
The partners sha&& be entit&ed to in%rease or red!%e the abo*e rem!neration
and may aree to pay rem!neration to other wor7in partner or partners as the
%ase may be. The partners may a&so aree to re*ise the mode of %a&%!&atin the
abo*e said rem!neration as may be areed to by and between the partners from
time to time.
;. That the parties hereto sha&& be tr!e and faithf!& to ea%h other and sha&& not do or
%a!se to be done anythin whi%h may be detrimenta& to the interest of the firm.
@. That the parties sha&& 7eep or %a!se to be 7ept proper boo7s of a%%o!nt and
do%!ments and sha&& ma7e entries therein of a&& re%eipts" payments and other
matters as is !s!a&&y done and entered in the boo7s of a%%o!nt 7ept by persons
enaed in b!siness simi&ar to that of the firm. Ea%h partner sha&& ha*e a riht to
ha*e a%%ess to and to inspe%t and ta7e %opy of the same.
8. That the partnership has been and sha&& be a partnership at wi&&.
/. That the net profit of the partnership firm after ded!%tion of a&& e-penses in%&!din
rent" sa&aries" other estab&ishment e-penses" interest and rem!neration payab&e to
the partners in a%%ordan%e with this deed of partnership or any s!pp&ementary
deed as may be e-e%!ted by the partners from time" to time" sha&& be di*ided and
distrib!ted amonst the partners in the fo&&owin proportion:
Sr. No. Name of Party Share in profits
..
0.
6.
4.
The &osses" if any" in%&!din &oss of %apita& s!ffered in any year sha&& a&so be
apportioned in the abo*e said proportion.
.:. That the ban7 a%%o!nt or a%%o!nts ha*e been and sha&& be maintained in the name
of the firm and sha&& be operated sin&y or Aoint&y by the partners.
... That the boo7s of a%%o!nt sha&& be %&osed on 6.st day of +ar%h ea%h year. The net
profit or &oss after ded!%tin a&& e-penses" interest" rem!neration" o!toins sha&&
be di*ided between the parties in proportion to the sharin ratio referred to
hereinabo*e.
.0. That notwithstandin anythin %ontained in the Indian Partnership A%t it is hereby
m!t!a&&y areed to by and between the parties that in %ase of death of any one or
more partners" the firm sha&& not be disso&*ed b!t sha&& %ontin!e to be %arried on by
and between the s!r*i*in partners and &ea& heirs and,or representati*es of the
de%eased partner" as a %ontin!in %on%ern" on the same terms and %onditions as
in%orporated in this Deed or on s!%h terms and %onditions as may be areed to by
and between them from time to time. It is hereby f!rther %&arified that it sha&& be
deemed as %hane in %onstit!tion and not s!%%ession.
.6. That with respe%t to any matter %onne%ted with the affairs of the firm" whi%h is not
spe%ifi%a&&y pro*ided for herein" the partners may ma7e s!%h areements therefor
and may set in s!%h manner with reard thereto as may be areed !pon by and
between themse&*es.
.4. That if the partners deem proper and in their interest" they may admit any other
person or persons as partners on the terms and %onditions as may be m!t!a&&y
areed amonst themse&*es.
.>. That the partners to this deed are partners in their indi*id!a& %apa%ity,representin
H5F sty&ed as +,s. ..................................... The parties do not represent any other
person.

.;. A&& bonds" bi&&s" notes" bi&&s of e-%hane" h!ndies or promissory notes or other
se%!rities i*en on beha&f of the partnership $e-%ept %he2!es' sha&& be sined"
endorsed" a%%epted or e-e%!ted Aoint&y by a&& the partners and any bond" bi&&"
note" bi&& of e-%hane" et%. to whi%h any partner may be a party %ontrary to this
pro*ision sha&& be deemed to ha*e been on the persona& a%%o!nt of s!%h partner
and he sha&& pay and dis%hare the same o!t of his own moneys and indemnify
other partners and the firm aainst payment thereof and aainst a&& a%tions"
pro%eedins" %osts" %hares" e-penses" %&aims and demands in respe%t thereof.
.@. That the parties of ...................... part are not wor7in partners b!t are on&y
finan%in" dormant and s&eepin partners. The parties of ....................... part need
not be in %hare of" responsib&e to the firm for the %ond!%t of the b!siness of the
firm and need not ta7e interest in day3to3day wor7in and b!siness of the
partnership firm.
That the parties of the ............................ part sha&& not be &iab&e to any
%rimina& a%tion for the b!siness or wor7in of the partnership firm or for the a%ts of
the other partners or its emp&oyees or its representati*es for and on beha&f of or on
a%%o!nt of the partnership firm or for the p!rposes of the partnership firm. The said
partners sha&& not be &iab&e for any &iabi&ity" %i*i& or %rimina&" aainst the partnership
firm or other partners.
That the said partners sha&& not be%ome and sha&& not be &iab&e for any
%rimina& a%tion for any defa!&t or offen%e %ommitted by other partners or emp&oyees
or a!thorised representati*es of the firm !nder the In%ome3ta- A%t" 1!stoms A%t"
Forein E-%hane Re!&ation A%t" Sa&es ta- =aws or other 1entra& or State A%ts"
&aws" R!&es or Re!&ations.
.8. That the partners sha&& be entit&ed to modify the abo*e terms re&atin to
rem!neration" interest" et%. payab&e to partners by e-e%!tin a s!pp&ementary deed
and s!%h deed when e-e%!ted sha&& ha*e effe%t !n&ess otherwise pro*ided from the
first day of a%%o!ntin period in whi%h s!%h s!pp&ementary deed is e-e%!ted and
the same sha&& form part of this deed of partnership.
./. That a&& disp!tes and 2!estions in ...................... %onne%tion with the partnership or
this deed arisin between the partners or between any one of them or their &ea&
representati*es and whether d!rin or after the partnership" sha&& be referred to the
arbitrator in a%%ordan%e with the pro*isions of the Arbitration and 1on%i&iation A%t"
.//; then in for%e.
IN )ITNESS )HEREOF the parties to this deed ha*e set their hands on the day
and year first abo*e written and in the presen%e of:
First Party Second Party
Third Party Fourth Party
)ITNESSES(
..
0.

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