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Simple Partnership deed format For 2 Partners

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PARTNERSHIP DEED

THIS DEED OF PARTNERSHIP is executed at [Place Name] on this [date].

BETWEEN

Mr. ABC Kumar, Son of Mr. DEF Kumar, Hindu aged about 49 years, residing at 123, VIP Building, Main Street, Place, City, District, State, India-XXXXXX by profession business hereinafter referred to as the party of the “FIRST PART”.

AND

Mr. XYZ Kumar, Son of Mr. PQR Kumar, Hindu aged about 50 years, residing at 123, VIP Building, Main Street, Place, City, District, State, India-XXXXXX by profession business hereinafter referred to as the party of the “SECOND PART”.

The Party of the all Part hereinafter collectively referred to as the “parties” which expression unless repugnant to or inconsistent with the context shall mean and include their heirs’ executors, administrator, legal representative or assign of all parties aforesaid.

WHEREAS all the parties are desirous of joining hands to carry on the business of providing Personnel recruitment and selection, Interviewing, staffing, temping, Flexi-staffing, Training and Employing all types of executives, Middle Management Staff, Junior Level Staff, Workers, Labourers Skilled/Unskilled required by various industries and organizations including providing Labour contractors, Industrial, Commercial, Housing and other security services and workers for office management and to conduct employment bureau and to provide consultancy and other services in connection with requirements of persons and manpower supply in India and abroad as decided by the partners of the said firm from time to time.

AND WHEREAS  with a view to avoid any future litigation and disputes in absence of any record of the terms and conditions of the Partnership, the parties to these presents have mutually agreed to execute this Deed of the Partnership incorporating therein the terms and conditions which shall govern the affairs of the firm.

Now this indenture witnesses and the parties to these presents do hereby mutually agree.

  1. That the partnership shall commence on and from the [date].
  2. That the firm will carry business under the name & style of  “M/s Business Name Here“  with its office located at  Complete Address Here, or such other place or places as may be mutually decided by the partners of the said firm from time to time.
  3. That the capital of the partnership shall be Rs 1,00,000/- ( One Lakhs Only ) which shall be contributed in equal shares by the parties any further sum advanced by any party to the partnership shall bear interest at the rate of 12 % per annum and shall be a debt due from the partnership to such creditor-partner.
  4. That the partnership shall observe financial years as 1st April to 31st March. However, the first accounting year shall be closed on 31.3.XXXX. The Annual Accounts shall be audited subject to the provisions of the Income Tax Act.
  5. That Mr. Name of the main partner here shall be the Managing Partner of the Firm looking after the day to day management and affairs of the Firm including financial management and business operation of the Firm. 
  6. That it is agreed by the partners that the partnership firm may incur loan and may seek financial accommodation from different Banks or Financial Institution or from open market at any reasonable rate of interest for the business promotion and necessity for which the partners shall be jointly responsible and liable for the repayment of the loan. It is further agreed that any Partner of the firm may apply to Financial Institutions/ Banks for availing Loan facilities. The loan facilities as availed by the Partners shall be used for business and it shall be repaid by the partners.
  7. That the aforesaid all partners will draw a salary of Rs.15, 000/- each per month subject to the provisions of Income Tax Act. This amount can be changed on a mutually agreed basis.
  8. That the profits and/or losses of the partnership business shall be distributed, divided, and/or adjusted between the partners in an equal ratio.
  9. That the firm may operate one or more Bank Account with any nationalized Bank or Banks as may be decided upon by the partners from time to time. It is agreed that any Partner of the firm may open the Bank account in his/her name to facilitate the Partnership firm.
  10. That it is agreed by all, that any of the parties may appoint the legal representative/ Advocate/ Chartered Accountant to represent before the authorities of Income Tax, Sales Tax, Appellate tribunals, Municipal Corporations or any other court of Law or to file suit against recovery disputes or any other civil or criminal court cases on behalf of the firm from time to time.
  11. That any partner shall have the right to retire from the partnership by giving at least one-month prior notice to the other partner and introduce another person in his place which should be accepted by the other partner.
  12. That the parties hereto may from time to time add, vary any terms and conditions thereof, in writing.
  13. That all the partners shall diligently work in the interest of the partnership to their best capacity in discharging their duties as partners to the said firm.
  14. This shall be a partnership at will and shall be governed by the provisions of the Indian Partnership Act.1932 or any other enactment relating to the same from time to time being in force subject to the stipulation of this Deed.
  15. The partners at their mutual consent may admit new partner/ partners and allot share as shall be mutually decided.
  16. That in case of difference and disputes which may arise between the partners in relation to the partnership it shall be referred to Arbitration or Arbitrator/Arbitrators agreed to and/or chosen by the partners and the decision of such arbitrators shall be binding on the partners.                              
  17. No partner shall carry on any other business which may be allied or similar to the business of the partnership. 
  18. That the duration of the partnership shall be at will.

IN WITNESS THEREOF the partners have here into set and subscribed their respective hands Date before following witnesses.

—sd—

Mr ABC Kumar  “FIRST PARTY”.

—sd—

Mr. KYZ Kumar “SECOND PARTY”.

W I T N E S S   

1.

2.

Note:

  • It’s a sample format provided for your educational purpose. You need to change as required for your business and requirements.
  • You need to paste two passport size photograph at the top of the partnership deed against the respective partner’s name.