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DEED OF PARTNERSHIP   Download Word Document In English. (Rs.45/-) Download PDF Document In Hindi. (Rs.45/-) THIS DEED of Partnership is made at.................... on this .................... day of ............... by and between: Shri ............................... aged about .............. years, son of Shri .................................. resident of (Hereinafter to be called the First Party); Shri ............................... aged about ............... years, son of Shri .................................. resident of (Hereinafter to be called the Second Party); Shri ............................. aged about ................ years, son of Shri .................................. resident of (Hereinafter to be called the Third Party); Shri .......................... aged about ................. years, son of Shri .................................. resident of (Hereinafter to be called the Fourth Party);    WHEREAS the parties to this deed have been carrying on the business of ....................................... under the name and style of M/s. ......................... with its principal place of business at ............. on the terms and conditions incorporated in the Partnership Deed executed on .........................................    AND WHEREAS vital amendments have been made by the Finance Act, 1992 in the procedure for assessment of firm. Consequent to the said amendment, the parties to this deed had a meeting and have orally and mutually agreed to amend and alter some of the terms and conditions contained in the aforesaid partnership deed with effect from 1-4-1992.    AND FURTHER WHEREAS the parties to this deed have been carrying on the above said business in partnership on the terms and conditions orally and mutually agreed amongst themselves as aforesaid;    AND NOW WHEREAS the parties to this deed desire that the terms and conditions on which they have been carrying on the above said business in partnership since ...................... and propose to continue in future be reduced to writing to avoid future difficulties or misunderstanding.    NOW, THEREFORE THIS DEED WITNESSETH as under, incorporating the aforesaid amendment/ alteration in the terms and conditions of the partnership:    1. That the partnership business has been and shall continue to be carried on under the name and style of M/s. ....................................    2. That the partnership business has been and shall continue to be that of ................ with its principal place of business at .............. The parties by mutual consent may carry on business at such other place or places, in such other name or names and of such other nature or natures, as they may deem fit and proper from time to time.    3. That the amount lying to the credit of the partners as on 1-4-1992 shall be deemed as their capital investment. Further capital, loans or deposits looking to the needs/requirements of the partnership firm shall be arranged, invested or contributed by the partners.    4.                  That interest at the rate of 18% per annum or as may be prescribed under section 40(b)(iv) of the Income-tax Act, 1961 or any other applicable provisions as may be in force in the income-tax assessment of the partnership firm for the relevant accounting period or at a lower rate as may be agreed to by and between the parties from time to time shall be paid to the partners or credited to the partners on the amount standing to the credit of the account of the partners.    Such interest shall be considered as an expenditure of the firm and shall be debited to the Profit & Loss Account of the firm before arriving at the divisible profit or loss. The interest to persons other than partners shall be paid or credited to their accounts at the rate or rates as may be agreed to by and between the partners and such persons from time to time.    5. That Shri ................................ Shri ..................... and Shri ............................ the parties of the ....................... parts have agreed to keep themselves actively engaged in conducting the affairs of the business of the partnership firm. The said partners shall be working partners. It is hereby agreed to that in consideration of the said parties keeping themselves actively engaged in the business of the partnership firm and working as working partners, shall be entitled to remuneration.    The remuneration payable to the said working partners shall be computed in the manner laid down or deduction under section 40(b)(v), read with Explanation 3 of the Income-tax Act, 1961 or any other applicable provision as may be in force in the income-tax assessment of the partnership firm for the relevant accounting year. Such amount of remuneration shall be distributed between the said working partners in the following proportion:    A.                 Shri ................................ ....... per cent of such amount  B.                 Shri ................................ ....... per cent of such amount C.                Shri ................................ ....... per cent of such amount    The partners shall be entitled to increase or reduce the above remuneration and may agree to pay remuneration to other working partner or partners as the case may be. The partners may also agree to revise the mode of calculating the above said remuneration as may be agreed to by and between the partners from time to time.    6. That the parties hereto shall be true and faithful to each other and shall not do or cause to be done anything which may be detrimental to the interest of the firm.    7. That the parties shall keep or cause to be kept proper books of account and documents and shall make entries therein of all receipts, payments and other matters as is usually done and entered in the books of account kept by persons engaged in business similar to that of the firm. Each partner shall have a right to have access to and to inspect and take copy of the same.    8. That the partnership has been and shall be a partnership at will.    9. That the net profit of the partnership firm after deduction of all expenses including rent, salaries, other establishment expenses, interest and remuneration payable to the partners in accordance with this deed of partnership or any supplementary deed as may be executed by the partners from time, to time, shall be divided and distributed amongst the partners in the following proportion:    Sr. No. Name of Party Share in profits   1.  2.  3.  4.   The losses, if any, including loss of capital suffered in any year shall also be apportioned in the above said proportion.    10. That the bank account or accounts have been and shall be maintained in the name of the firm and shall be operated singly or jointly by the partners.    11. That the books of account shall be closed on 31st day of March each year. The net profit or loss after deducting all expenses, interest, remuneration, outgoings shall be divided between the parties in proportion to the sharing ratio referred to hereinabove.    12. That notwithstanding anything contained in the Indian Partnership Act it is hereby mutually agreed to by and between the parties that in case of death of any one or more partners, the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and legal heirs and/or representatives of the deceased partner, as a continuing concern, on the same terms and conditions as incorporated in this Deed or on such terms and conditions as may be agreed to by and between them from time to time. It is hereby further clarified that it shall be deemed as change in constitution and not succession.    13. That with respect to any matter connected with the affairs of the firm, which is not specifically provided for herein, the partners may make such agreements therefor and may set in such manner with regard thereto as may be agreed upon by and between themselves.    14. That if the partners deem proper and in their interest, they may admit any other person or persons as partners on the terms and conditions as may be mutually agreed amongst themselves.    15. That the partners to this deed are partners in their individual capacity/representing HUF styled as M/s. ..................................... The parties do not represent any other person.  16. All bonds, bills, notes, bills of exchange, hundies or promissory notes or other securities given on behalf of the partnership (except cheques) shall be signed, endorsed, accepted or executed jointly by all the partners and any bond, bill, note, bill of exchange, etc. to which any partner may be a party contrary to this provision shall be deemed to have been on the personal account of such partner and he shall pay and discharge the same out of his own moneys and indemnify other partners and the firm against payment thereof and against all actions, proceedings, costs, charges, expenses, claims and demands in respect thereof.    17. That the parties of ...................... part are not working partners but are only financing, dormant and sleeping partners. The parties of ....................... part need not be in charge of, responsible to the firm for the conduct of the business of the firm and need not take interest in day-to-day working and business of the partnership firm.    That the parties of the ............................ part shall not be liable to any criminal action for the business or working of the partnership firm or for the acts of the other partners or its employees or its representatives for and on behalf of or on account of the partnership firm or for the purposes of the partnership firm. The said partners shall not be liable for any liability, civil or criminal, against the partnership firm or other partners.    That the said partners shall not become and shall not be liable for any criminal action for any default or offence committed by other partners or employees or authorised representatives of the firm under the Income-tax Act, Customs Act, Foreign Exchange Regulation Act, Sales tax Laws or other Central or State Acts, laws, Rules or Regulations.    18. That the partners shall be entitled to modify the above terms relating to remuneration, interest, etc. payable to partners by executing a supplementary deed and such deed when executed shall have effect unless otherwise provided from the first day of accounting period in which such supplementary deed is executed and the same shall form part of this deed of partnership.    19. That all disputes and questions in ...................... connection with the partnership or this deed arising between the partners or between any one of them or their legal representatives and whether during or after the partnership, shall be referred to the arbitrator in accordance with the provisions of the Arbitration and Conciliation Act, 1996 then in force.    IN WITNESS WHEREOF the parties to this deed have set their hands on the day and year first above written and in the presence of:   First Party Second Party Third Party Fourth Party WITNESSES; 1. 2.

Deed of Partnership THIS DEED OF PARTNERSHIP made at _______ on the ________ day of __________ 201___ BETWEEN (1) ABC of _______, Indian Inhabitant, having address at ______________________________________ ___________________________________________ (which expression shall unless it be repugnant to the context or meaning thereof, include his heirs, executors, administrators, legal representatives and assigns) hereinafter called the Party of the FIRST PART ; (2) DEF of ________, Indian Inhabitant, having address at ________________________ _____________________________________________________________ (which expression shall unless it be repugnant to the context or meaning thereof, include his heirs, executors, administrators, legal representatives and assigns) hereinafter called the Party of the SECOND PART ; and (3) GHI of _________, Indian Inhabitant, having address at _____________________________________________________ _______________________________________ (which expression shall unless it be repugnant to the context or meaning thereof, include his heirs, executors, administrators, legal representatives and assigns) hereinafter called the Party of the THIRD PART ; WHEREAS:— (a) The parties hereto are desirous of carrying on business of _____________________ in partnership upon the terms and conditions recorded hereinafter. IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS UNDER:— 1. The Partnership shall commence (or shall be deemed to have commenced) on the ________ day of ______ 200___.  2. The name of the firm shall be “Messers ______________”. 3. The Partnership shall be “at Will”. 4. The business of the Partnership shall be carried on at __________________________________________________________________or at such other place or places as the partners may from time to time agree upon. 5. The business of the partnership shall be of _________________ ______________ and/or such other business as the partners may from time to time decide. 6. The accounting year of the partnership shall be from 1st day of April to 31st day of March of the next year. 7. The Bankers of the Partnership shall be such bank or banks as the partners may from time to time agree upon and such bank account or accounts shall be operated by such partners or partner as the parties hereto may from time to time agree upon. 8. The capital of the partnership shall be the sum of Rs. ____________ /- and shall be provided by the partners in their profit and loss sharing ratio. If at any time hereafter any further capital is required for the purpose of the partnership the same shall, unless otherwise agreed, be contributed by the partners in the same ratio. The partners shall be entitled to interest on the capital brought in by them.  9. Simple interest at the rate of 12% per annum or at such other rate as may be mutually agreed upon or at such rate not exceeding rate as may be prescribed by the Income Tax Act in Section 10(b) or such other statutory modifications or re-enactment thereof as may be in force from time to time, shall be payable on the amounts standing to the credit of Capital Account, Loan Accounts or Current Accounts of the Partners, from time to time, with effect from ___________ 2002. 10. SHRI _______________________, the party of the First Part and SHRI ______________________________, the party of the Second Part (hereinafter referred to as Working Partners) shall devote such time and attention in the conduct of the Partnership business as the circumstances and the business needs may require. In consideration thereof the Working Partners shall be entitled to the remuneration as hereinafter mentioned.  No fixed remuneration shall be paid, however it shall be in accordance with the provisions of Income Tax Act, 1961. The aggregate remuneration payable to the working Partners in every year shall be in the following ratio:— (1) in case of a firm carrying on a profession referred to in section 44AA or which is notified for the purpose of that section:— (a) On the first Rs. 1,00,000 Rs. 50,000 or at the rate of the the book-profit of 90 percent of the book or in case of a loss profit, whichever is more; (b) On the next Rs, 1,00,000 at the rate of 60 percent; of the book-profit (c) On the balance of the at the rate of 40 percent; book profit OR (2) in the case of any other firm:— (a) On the first Rs. 75,000 of Rs. 50,000 or at the rate the book-profit, or in of 90 percent of the book case of a loss profit, whichever is more; (b) On the next Rs, 75,000 at the rate of 60 percent; of the book-profit (c) On the balance of the at the rate of 40 percent; book-profit (THE APPLICABLE CLAUSE SHOULD BE INCORPORATED) The parties are at liberty to modify the remuneration payable to each of the partners in accordance with the provisions of Income Tax Act, 1961. 11. That the Remuneration and/or interest paid as above shall be a charge on the Profit & Loss Account. 12. The share of the Partners in the profit and loss of the partnership, after payment of interest on Partners’ Capital/Current/Loan account and remuneration to the working Partner/s, shall be as follows:—  NAMES PERCENTAGE (1) _______________________ (2) _______________________ (3) _______________________   ------------------   Total  100%   ------------------ 13. Proper books of account shall be maintained as are usually maintained in the trade and business of similar nature and shall be maintained properly posted up and kept at the principal place of business of the partnership or other offices of the partnership as may be agreed upon and each of the partners hereto shall be entitled to have inspection of the said books of account and shall also be entitled to copy or extracts there from. 14. As soon as practicable after the end of every accounting year during the continuance of the partnership a general account and valuation shall be taken and made up to the end of every accounting year.  15. Each partner shall: (a) devote his whole time and attention to the Partnership business (except during holidays); (b) punctually pay and discharge his separate debts and engagements and indemnify the other partners and the partnership assets against the same and all proceedings cost, claims or demands in respect thereof; (c) be just and faithful to the other partners in all transactions relating to the partnership business and at all times give to the others a true account of all such dealings. 16. None of the partners shall without the consent of the other Partners:— (a) engage or be concerned or interested either directly or indirectly in any other similar business or occupation; (b) engage, make any contract with or dismiss any employee; (c) forgo the whole or any part of any debt or sum due to the partners; (d) except in the ordinary course of trade dispose of by loan pledge, sale or otherwise of any part of the partnership property; (e) become bail guarantor or surety for any person or do or knowingly suffer anything whereby the partnership property may be endangered; (f) assign or charge their interest in the firm or; (g) draw or accept or endorse any bill of exchange or promissory note on account of the partnership. 17. If any partner desires to retire from the partnership he/she may do so after giving three months clear notice to other partners. 18. Death of any of the partners hereto shall not dissolve the partnership but the legal representatives of the deceased partner shall be taken up as a partner in place and stead of the deceased partner. 19. The rights, powers, duties and obligations of the parties (partners) hereto shall be governed by The Indian Partnership Act, 1932 or such other statutory modifications or re-enactment thereof. 20. If any dispute arises between the parties hereto in respect of the partnership, the same shall be referred to the Arbitration under The Arbitration and Conciliation Act, 1996 or the Arbitration Act as may be in force.  IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written. SIGNED AND DELIVERED by the  ) Within named, ABC the Party of the First Part, ) in the presence of. ..  ) SIGNED AND DELIVERED by the  ) Within named, DEF the Party of the Second ) Part, in the presence of. ..  ) SIGNED AND DELIVERED by the  ) Within named, GHI, the Party of the Third  ) Part, in the presence of. ..  ) Download Word Document In English. (Rs.30/-) Download PDF Document In Hindi. (Rs.30/-)

DEED OF PARTNERSHIP This Deed of partnership is made at......................... on this......................... day of......................... 19......................... Between Shri......................... son of......................... resident of......................... (hereinafter called the party of the first party) and Shri......................... son of ......................... resident of......................... (hereinafter called the party of the second party). Whereas the parties have agreed to carry on the business of.........................in the name and style of......................... at......................... on the terms and conditions hereinafter appearing: (1) That the partnership shall be deemed to have commenced from ......................... and shall continue till the same has determined in the manner hereinafter provided. (2) That the business of the partnership shall be......................... (3) That the business of the partnership shall be carried on at......................... or such other place or places as the partners may mutually decide Upon from time to time. (4) That the Banking Account of the partnership shall be opened with ......................... or with such other Bank as may be agreed upon and the said account shall be operated by the partners jointly and severally. (5) That each of the partners shall contribute to the capital of the partnership in equal proportion. (6) That the profits or losses of partnership business shall be divided between the partners in equal proportion. (7) That all necessary and proper books of account shall be kept by the firm and at the end of every year the account shall be got audited by the Chartered Accountant. (8) That the partners shall devote their whole time and attention to the business of. the firm. (9) That if any of the partners want to retire from......................... firm he.can do so by giving to the other partner not less than three months notice in writing of his intention to retire from the partnership. (10) Any disputes or differences in connection with the partnership or this Deed shall be referred to Arbitration and each of the partner shall be entitled to appoint one arbitrator. The said Arbitration shall be governed by the provisions of the Indian Arbitration Act, 1940 or any statutory modification or re-enactment thereof for the time being. In witness whereof the parties hereto have set and subscribed their respective hands the day and the year first hereinabove written. Witnesses First Party 1..........................  2.......................... Second party SUIT BY UNREGISTERED PARTNERSHIP FIRM A Suit by unregistered firm is not barred by section 69(2) of the Partnership Act if a statutory right or a common law right is being enforced.1 Download Word Document In English. (Rs.5/-) Download PDF Document In Hindi. (Rs.5/-) Download PDF Document In Marathi. (Rs.5/-)

Deed of Partnership This Deed of Partnership is made at.................... on this .................... day of ............... by and between: Shri ............................... aged about .............. years, son of Shri .................................. resident of ………………………………………… (Hereinafter to be called the First Party); Shri ............................... aged about ............... years, son of Shri .................................. resident of ………………………………………(Hereinafter to be called the Second Party); Shri ............................. aged about ................ years, son of Shri .................................. resident of (Hereinafter to be called the Third Party); Shri .......................... aged about ................. years, son of Shri .................................. resident of (Hereinafter to be called the Fourth Party); Whereas the parties to this deed have been carrying on the business of ....................................... under the name and style of M/s. ......................... with its principal place of business at ............. on the terms and conditions incorporated in the Partnership Deed executed on ......................................... And Whereas vital amendments have been made by the Finance Act, 1992 in the procedure for assessment of firm. Consequent to the said amendment, the parties to this deed had a meeting and have orally and mutually agreed to amend and alter some of the terms and conditions contained in the aforesaid partnership deed with effect from 1-4-1992. AND FURTHER WHEREAS the parties to this deed have been carrying on the above said business in partnership on the terms and conditions orally and mutually agreed amongst themselves as aforesaid; And Now Whereas the parties to this deed desire that the terms and conditions on which they have been carrying on the above said business in partnership since ...................... and propose to continue in future be reduced to writing to avoid future difficulties or misunderstanding. NOW, THEREFORE THIS DEED WITNESSETH as under, incorporating the aforesaid amendment/ alteration in the terms and conditions of the partnership: 1.     That the partnership business has been and shall continue to be carried on under the name and style of M/s. .................................... 2.     That the partnership business has been and shall continue to be that of ................ with its principal place of business at .............. The parties by mutual consent may carry on business at such other place or places, in such other name or names and of such other nature or natures, as they may deem fit and proper from time to time. 3.     That the amount lying to the credit of the partners as on 1-4-1992 shall be deemed as their capital investment. Further capital, loans or deposits looking to the needs/requirements of the partnership firm shall be arranged, invested or contributed by the partners. 4.     That interest at the rate of 18% per annum or as may be prescribed under section 40(b)(iv) of the Income-tax Act, 1961 or any other applicable provisions as may be in force in the income-tax assessment of the partnership firm for the relevant accounting period or at a lower rate as may be agreed to by and between the parties from time to time shall be paid to the partners or credited to the partners on the amount standing to the credit of the account of the partners.Such interest shall be considered as an expenditure of the firm and shall be debited to the Profit & Loss Account of the firm before arriving at the divisible profit or loss. The interest to persons other than partners shall be paid or credited to their accounts at the rate or rates as may be agreed to by and between the partners and such persons from time to time. 5.     That Shri ................................ Shri ..................... and Shri ............................ the parties of the ....................... parts have agreed to keep themselves actively engaged in conducting the affairs of the business of the partnership firm. The said partners shall be working partners. It is hereby agreed to that in consideration of the said parties keeping themselves actively engaged in the business of the partnership firm and working as working partners, shall be entitled to remuneration. The remuneration payable to the said working partners shall be computed in the manner laid down or deduction under section 40(b)(v), read with Explanation 3 of the Income-tax Act, 1961 or any other applicable provision as may be in force in the income-tax assessment of the partnership firm for the relevant accounting year. Such amount of remuneration shall be distributed between the said working partners in the following proportion: A. Shri ................................ ....... per cent of such amount B. Shri ................................ ....... per cent of such amount C. Shri ................................ ....... per cent of such amount The partners shall be entitled to increase or reduce the above remuneration and may agree to pay remuneration to other working partner or partners as the case may be. The partners may also agree to revise the mode of calculating the above said remuneration as may be agreed to by and between the partners from time to time. 6.     That the parties hereto shall be true and faithful to each other and shall not do or cause to be done anything which may be detrimental to the interest of the firm. 7.     That the parties shall keep or cause to be kept proper books of account and documents and shall make entries therein of all receipts, payments and other matters as is usually done and entered in the books of account kept by persons engaged in business similar to that of the firm. Each partner shall have a right to have access to and to inspect and take copy of the same. 8.     That the partnership has been and shall be a partnership at will. 9.     That the net profit of the partnership firm after deduction of all expenses including rent, salaries, other establishment expenses, interest and remuneration payable to the partners in accordance with this deed of partnership or any supplementary deed as may be executed by the partners from time, to time, shall be divided and distributed amongst the partners in the following proportion: Sr. No. Name of Party Share in profits 1. 2. 3. 4. The losses, if any, including loss of capital suffered in any year shall also be apportioned in the above said proportion. 10.  That the bank account or accounts have been and shall be maintained in the name of the firm and shall be operated singly or jointly by the partners. 11.  That the books of account shall be closed on 31st day of March each year. The net profit or loss after deducting all expenses, interest, remuneration, outgoings shall be divided between the parties in proportion to the sharing ratio referred to hereinabove. 12.  That notwithstanding anything contained in the Indian Partnership Act it is hereby mutually agreed to by and between the parties that in case of death of any one or more partners, the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and legal heirs and/or representatives of the deceased partner, as a continuing concern, on the same terms and conditions as incorporated in this Deed or on such terms and conditions as may be agreed to by and between them from time to time. It is hereby further clarified that it shall be deemed as change in constitution and not succession. 13.  That with respect to any matter connected with the affairs of the firm, which is not specifically provided for herein, the partners may make such agreements therefor and may set in such manner with regard thereto as may be agreed upon by and between themselves. 14.  That if the partners deem proper and in their interest, they may admit any other person or persons as partners on the terms and conditions as may be mutually agreed amongst themselves. 15.  That the partners to this deed are partners in their individual capacity/representing HUF styled as M/s. ..................................... The parties do not represent any other person. 16.  All bonds, bills, notes, bills of exchange, hundies or promissory notes or other securities given on behalf of the partnership (except cheques) shall be signed, endorsed, accepted or executed jointly by all the partners and any bond, bill, note, bill of exchange, etc. to which any partner may be a party contrary to this provision shall be deemed to have been on the personal account of such partner and he shall pay and discharge the same out of his own moneys and indemnify other partners and the firm against payment thereof and against all actions, proceedings, costs, charges, expenses, claims and demands in respect thereof. 17.  That the parties of ...................... part are not working partners but are only financing, dormant and sleeping partners. The parties of ....................... part need not be in charge of, responsible to the firm for the conduct of the business of the firm and need not take interest in day-to-day working and business of the partnership firm. That the parties of the ............................ part shall not be liable to any criminal action for the business or working of the partnership firm or for the acts of the other partners or its employees or its representatives for and on behalf of or on account of the partnership firm or for the purposes of the partnership firm. The said partners shall not be liable for any liability, civil or criminal, against the partnership firm or other partners. That the said partners shall not become and shall not be liable for any criminal action for any default or offence committed by other partners or employees or authorised representatives of the firm under the Income-tax Act, Customs Act, Foreign Exchange Regulation Act, Sales tax Laws or other Central or State Acts, laws, Rules or Regulations. 18.  That the partners shall be entitled to modify the above terms relating to remuneration, interest, etc. payable to partners by executing a supplementary deed and such deed when executed shall have effect unless otherwise provided from the first day of accounting period in which such supplementary deed is executed and the same shall form part of this deed of partnership. 19.  That all disputes and questions in ...................... connection with the partnership or this deed arising between the partners or between any one of them or their legal representatives and whether during or after the partnership, shall be referred to the arbitrator in accordance with the provisions of the Arbitration and Conciliation Act, 1996 then in force. IN WITNESS WHEREOF the parties to this deed have set their hands on the day and year first above written and in the presence of: First Party Second Party Third Party Fourth Party WITNESSES; 1. 2. Download Word Document In English. (Rs.30/-) Download PDF Document In Marathi. (Rs.30/-)

Partnership Agreement between a Partnership firm and a Hindu Joint Family This Deed of Partnership made at ... on this ... day of... between M/s A B & Co. a partnership firm, consisting of and represented by its partners (1)... (2)... (3) hereinafter referred to as the 'Party of the First Part. and Mr. B residing at ... and in his capacity as the Karta or Manager of his joint and undivided Hindu family hereinafter referred to as the Party of the Second Part'. Whereas the Party of the First Part is carrying on business of............... in partnership. And Whereas the Party of the Second Part is carrying on similar business of ... and which is his ancestral business. And Whereas the adult male members of the said Joint Hindu Family are in ... number and have consented to the said Karta of their family to enter into a partnership agreement with the Party of the First Part with a view to expand the said business and to carry it on a large scale as to avoid competition between them. And Whereas the parties of the First and Second Part have. therefore, proposed to combine their respective businesses and to carry on the same in partnership on the terms and conditions hereinafter mentioned. Now it is hereby agreed by and between the parties hereto as follows: 1.     The Parties shall as from the ... day of ... combine their respective businesses together with all the assets and agree to carry on the said business In partnership between the Party of the First Part on the one hand and the Party o f the Second Part on the other hand. 2.     The Partnership shall be deemed to have commenced from the said date and will continue at the will of the parties hereto. 3.     The assets Including goodwill of the business of the Party of the First Part are valued at Rs... and the assets including the goodwill of the business of the Party of the Second Part are valued at Rs... The respective assets of the Party of the First Part and Second Part will be deemed to be their respective contributions to the capital of the said firm. If any capital gains tax Is required to be paid by any party hereto on the valuation of his capital contribution as aforesaid, the same will be paid by that Party separately and such Party will indemnify and keep indemnified the other Party against such liability. If any further capital or finance is required, the same will be contributed by the Party of the First & Party of the Second Part In the same proportion and will carry interest at the rate of 18% per annum or at such other rate as may be allowed by the Income Tax Act. 4.     The Party of the First Part will be represented by one of the partners of that Party and he will be authorised by the other partners of the Party of the First Part to represent that Party. Such authorised partner may be changed from time to time. The other partners may help in carrying on the business of the firm. Similarly the Party of the Second Part will be represented by the Karta of the Joint Hindu Family for the time being. The other members of the said family will not be considered as separate partners so far as the Firm is considered and though they may render help in carrying on the business of the firm. 5.     The business of the partnership shall be carried on In the name of M/s... (hereinafter referred to as the 'Firm') and the business shall consist of ... and of such other incidental business as the partner may from time to time decide. 6.     The office of the partnership shall be at ... The parties may open branches at such other places as they may be agree upon. 7.     If any Party shall contribute more amount than his share in the capital. It will be treated as a loan by him to the Firm carrying Interest at the rate of 18% per cent per annum. 8.     The net profits and losses of the Firm will be shared by the parties hereto In proportion to their shares in the capital of the Firm that is to say the Party of the First Part will be entitled to ... share and Party of the Second Part will be entitled to ... share. The partners of the Party of the First Part between themselves will be entitled to their said share in the proportion In terms of their partnership agreement. The share of the Party of the Second Part will be the property of his family. Net profit will mean gross profit earned in such year less the expenses of the management of the business including the rent of the premises of the Firm including outgoings In respect of the salaries and wages of the staff. commission paid to others. and all other expenses Incurred In connection with the business of the firm. 9.     The accounting year of the Firm will be from 1st April to 31st March of each Christian calendar year. 10.  At the end of each accounting year an account of the business carried on in that year "I be made and a statement of accounts namely a Balance Sheet and Profit and loss Account will be prepared and signed by the partners. If necessary or required by law the accounts will be got audited by a Chartered Accountant. 11.  The books of account and all other record of the Firm will be always kept at the office of the Firm and will be open for inspection by any of the partners hereto at any time. 12.  All the working staff such as clerks, peons. accountants, cashier, -salesmen and others will be approved by the joint consent of the authorised partner of the Party of the First Part and the Karta representing the Party of the Second Part and their wages and salaries and other emoluments will be fixed by mutual consent of the said persons. 13.  Each of the party hereto shall - a.     participate and attend to the business of the Firm through their aforesaid representatives to the greatest common advantage of the Firm. b.    be just and faithful to each other. c.     render true accounts and full Information of all moneys affecting the Firm to the other. d.    Indemnify the Firm for any loss caused to it by wilful negligence or fraud in the conduct of the business. e.     not carry on any business similar to the business of the Firm or any other business anywhere without the consent of the other party. f.     attend to the business of she Firm diligently and actively. g.    Not withdraw any amount for its own profit benefit or use as remuneration or otherwise without the consent of the other. h.     be entitled to be indemnified by the Firm In respect of payment made and liabilities Incurred by him                       i.        in the order and proper course of business of the Firm, and                      ii.        in doing any act for protecting the Firm from loss in emergency. 14.  All the tangible and intangible assets of the Firm including the goodwill. stock-in-trade. benefit of business licenses and permits, benefits of contracts entered etc. will belong to the parties In the same shares as aforesaid and the property of the Firm shall be used by the Parties exclusively for the business of the Firm. 15.  Every Party shall account for the profit earned from any transaction of the Firm or from the use of the property in any business transaction of the Firm. 16.  If any partner of the Party of the First Part other than the authorised representative or any member of the family of the Party of the Second Part is appointed to do full time work of the Firm, he will be paid separately as remuneration such amount as may be agreed upon allowable under the Income Tax Act as deduction and such remuneration will be treated as the expenses of the Firm. 17.  The Party of the First Part and Party of the Second Part may draw every month. such amounts for their own expenses as may be agreed upon from time to time and the same will be taken into account while ascertaining the share In the net profits of each party In the Firm. 18.  Any party hereto shall not. without the consent of the other - a.     submit any dispute with any other person to arbitration or compromise or relinquish the claim. b.    withdraw any suit or legal proceedings filed by the Firm, c.     admit any liability of the Firm. d.    acquire or dispose of any immovable or moveable property, except the stock In trade in the ordinary course of business. e.     enter into partnership or other business unilaterally with any other person, f.     assign or transfer his share or any interest in the Firm, (g) admit any person as a partner In the Firm. g.    borrow any moneys for or in the name of the Firm. or create any security or charge on the assets of the Firm, h.     enter into any contracts except contracts in the regular course of business of the Firm, i.      stand as a guarantor or surety for any person In the name of the Firm or for and on behalf of the Firm. 19.  The Parties shall open in the name of the Firm one or more accounts either current, saving or overdraft or cash credit with one or more banks as may be agreed upon by the partners and the account or accounts will be operated by the authorised partner of the Party of the First Part and the Karta representing the Party of the Second Part jointly. 20.  If any Party hereto desires to dissolve the Firm he shall give to the other at least three months previous notice to that effect and on the expiration of the notice period the Firm shall stand dissolved. 21.  If the Party of the First Part Is Itself dissolved or is adjudged insolvent or if all the male adult members of the Party of the Second Part are adjudged insolvent, or there is full partition among the members of that Party, this partnership shall also stand dissolved. 22.  On dissolution of the Firm, an account will be made of all the assets and liabilities of the Firm, and the assets will be sold either to any of the parties hereto to any other outsider and after payment of the debts and liabilities, the net sale proceeds will be distributed among the Parties of the First Part and Second Part In proportion to their respective In the capital of the Firm as aforementioned. 23.  If any dispute or difference shall arise between the Parties hereto touching the business of the Firm or interpretation of any provision hereof or otherwise, howsoever, relating to the Firm and its business. the same shall be referred to arbitration of a common arbitrator If agreed upon, failing which to two arbitrators one to be appointed by each Party to the arbitration and the arbitration shall be governed by the Arbitration & Conciliation Act, 1996. 24.  The parties shall, as early as possible but In any event within the prescribed period get the Firm registered under the Partnership Act. 1932. as well as under the Income Tax Act, 1961, and the application or a certified copy of this deed will be signed by all the partners of the Party of the First Part and by the Karta of the Party of the Second Part. 25.  This Deed is executed in duplicate and one copy will remain with the party of the First Part and the other will remain with the Party of the second Part. IN WITNESS WHEREOF the Parties have put their respective hands the day and year first hereinabove written.     Signed and delivered for and on behalf of M/s ... by its partners (1) ... (2) ... (3) ... in the presence of ... ... Signed and delivered by the withinnamed Mr. B as the Karta of his Hindu Undivided Family in the presence of ... Download Word Document In English. (Rs.40/-) Download PDF Document In Marathi. (Rs.30/-)

FORM OF GIVING NOTICE OF CHANGE IN THE NAME OF THE PARTNER AND HIS PERMANENT ADDRESS First Name Registered Address Notice is hereby given pursuant to section 62 of the Indian Partnership Act, 1932, that the changes specified below have occurred in this firm: a.     Change in the name of any partner in a registered firm: Former name of partner Name as now altered by the partner Date on which he changed his name b.    Change in the permanent address of any partner in a registered firm: Previous Address Present Address I declare that all the above particulars are true to the best of my knowledge and belief as on this date. We/I also declare that up to the date of submission of this application there has not been any change in any of the particulars previously intimated save and except the change notified above. Dated this ............... day of ...........................year ......................... Signatures Certified that the person who has signed this notice has signed it in my presence and has affirmed that the particulars furnished therein are true. ......................... Signature of the witness 1.     Notes: Strike out item not required. 2.     This notice must be signed by partner or his agent specially authorised in this behalf in the presence of witness who must be a Gazetted Officer, a Justice of the Peace, a Magistrate, an Attorney of the High Court, an Advocate, a Pleader or a Chartered Accountant. Download Word Document In English. (Rs.15/-) Download PDF Document In Marathi. (Rs.15/-)

Partnership Agreement for a Single Venture This Deed of Partnership made at ... on this ... day of... between Mr. A residing at ... hereinafter referred to as the 'Party of the First Part' and Mr. B, residing at ... hereinafter referred to as the 'Party of the Second Part.' Whereas the Party of the First Part who is a qualified Engineer and Contractor has almost secured a big contract of constructing a bridge and as he is not in a position to bring in all requisite finance. he has requested the party of the Second Part to join him in partnership with a view to carry out and complete the said contract. And Whereas the Party of the Second Part has agreed to do so and the parties have agreed to enter into this partnership on the terms and conditions herein after mentioned. Now it is agreed by and Between the Parties Hereto as Follows: 1.     The parties hereto agree to carry on the business hereinafter mentioned in partnership on the terms and conditions herein mentioned, in the name and style of M/s. .……………. 2.     The partnership shall be deemed to have commenced from the ... Day of... ………, 2000 and the period of the partnership shall be co-terminus with the completion of the said single business or adventure. 3.     The business of the partnership (hereinafter referred to as the 'Firm') shall consist of carrying out and completing the work of construction of the bridge over the river at …………………..... In terms of the contract to be entered into with the Government of .…………………….. 4.     The office of the partnership shall be at .…………………….. 5.     The Parties have contributed towards the initial capital of the firm a sum of Rs. ... In equal ... Shares. The party of the Second Part will contribute such further amounts as may be required from time to time for carrying out the said work and the amounts will be treated as a loan by him to the Firm carrying Interest at the rate of 18 per cent per annum. 6.     The net profits and losses of the firm will be shared by the partners hereto in equal shares or proportion. Net profit will mean the gross profits earned in such year less the expenses of the management of the business including the rent of the premises of the firm. The outgoings in respect of the salaries and wages. Of the staff. Commission paid to others. Interest payable on the amounts advanced by the Party of the Second Part and by other creditors if any and all other expenses incurred In connection with the business and allowable as deduction under the Income Tax Act. 7.     The accounting year of the Firm will be from 1st April to 31st March of each Christian calendar year. 8.     At the end of each accounting year an account of the business carried on in that year will be made and a statement of accounts namely a Balance Sheet and Profit and Loss Account will be prepared and signed by the partners. If necessary or required by law the accounts will be got audited by a Chartered Accountant. 9.     The party of the First Part will act as the Manager Partner and will be in charge of the actual work of construction, and shall utilise all his technical knowledge in that behalf. He will be entitled to salary at the rate of Rupees ..... Per month In addition to his share in the profits as well as a sum equal to .... Per cent of the book profits annually as further remuneration for his technical skill and experience. 10.  The Party of the Second Part will look after the financial side of the work as well as look after the administration of the Firm and its said business. 11.  The books of account and all other record of the Firm will be always kept at the office of the Firm and will be open for Inspection by any of the partners hereto at any time. 12.  All the working staff such as clerks, peons, accountants, cashier, salesmen and others and the technical staff will be appointed by the joint consent of the partners hereto and their wages and salaries and other emoluments will he fixed by mutual consent of the parties hereto. 13.  Subject to what Is otherwise provided herein, each of the partners- hereto shall - a.     participate and attend to the business of the firm to the greatest common advantage of the firm. b.    be just and faithful to each other. c.     render true accounts and full information of all moneys affecting the Firm to the other. d.    indemnify the Firm for any loss caused to it by wilful negligence or fraud in the conduct of the business. e.     Not carry on any business similar to the business of the Firm or any other business anywhere without the consent of the other partner/s. f.     attend to the business of the Firm diligently and actively. (g) not withdraw any amount for his own profit, benefit or use as remuneration or otherwise without the consent of the other. g.    be entitled to be indemnified by the Firm in-respect of payment made and liabilities incurred by him-                                           i.    in 'the ordinary and proper course of business of the firm and                                          ii.    in doing any act for protecting the Firm from loss In emergency. 14.  All the tangible and intangible assets of the Firm Including the goodwill, stock-in-trade, benefit of business licenses and permits, benefits of contracts entered etc. will belong to the parties in equal shares but subject to the debts and liabilities of the Firm and the property of the Firm shall be used by the parties exclusively for the business of the firm. 15.  Every party shall account for the profit earned from any transaction of the Firm or for the use of the property of the Firm. 16.  At the end of every six months, the Party of the Second Part will be entitled to withdraw such amount as the funds of the Firm will permit, towards repayment of the principal amount of loan advanced by the Party of the Second Part to the Firm. 17.  Any party hereto shall not, without the consent of the other- a.     submit any dispute with any other person to arbitration or compromise or relinquish the claim. b.    withdraw any suit or legal proceedings filed by the Firm. c.     admit any liability of the Firm. d.    acquire or dispose of any immovable or moveable property, except the stock in trade in the ordinary course of business. e.     enter into partnership or other business unilaterally with any other person. f.     assign or transfer his share or any Interest in the Firm. g.    admit any person as a partner In the Firm. h.     borrow any moneys for or in the name of the firm, or create any security or charge on the assets of the Firm. i.      enter into any contracts except contracts in the regular course of business of the firm. j.      stand as a guarantor or surety for any person, In the name of the Firm or for and on behalf of the Firm. 18.  The Parties shall open in the name of the Firm one or more accounts either current, saving or overdraft or cash credit with one or more banks as may be agreed upon by the partners and the account or accounts will be operated by any one of the parties hereto. 19.  The Partnership shall continue till the completion of the said work of construction or If by any chance the said construction contract is cancelled for any reason, till the cancellation of such contract and till then none of the parties shall be entitled to dissolve the partnership or to retire from the partnership. 20.  If and when the partnership is dissolved, an account of the assets and property and list will be made up to the date of dissolution and out of the assets in specie or by sale thereof, all debts and liabilities including the loan advanced by the Party of the Second Part will be paid In priority and if any balance will remain the same will be shared by the Parties hereto in equal shares. 21.  If the said construction contract Is cancelled by any party thereto and there Is a claim by or against the Firm In respect thereof, the same will be prosecuted or defended by both the parties hereto and the winding up of the partnership will be deemed to continue until such claims are finally disposed of by arbitration or court proceedings. 22.  If any dispute or difference shall arise between the parties hereto touching the business of the firm or interpretation of any provision hereof or otherwise. howsoever relating to the Firm and its business, the same shall be referred to arbitration of a common arbitrator If agreed upon, failing which to two arbitrators one to be appointed by each party to the dispute and the arbitration shall be governed by the Arbitration & Conciliation Act. 1996. 23.  The parties shall, as early as possible but In any event within the prescribed period get the Firm registered under the Partnership Act. 1932, and the Income Tax Act. 1961. 24.  This Deed is executed in duplicate and one copy will remain with the Party of the First Part and the other will remain with the Party of the Other Part. IN WITNESS WHEREOF the parties have put their respective hands the day and year first hereinabove written. Signed and delivered by the withinnamed Mr. A In the presence of ................ Signed and delivered by the withinnamed Mr. B In the presence of .................. Download Word Document In English. (Rs.30/-) Download PDF Document In Marathi. (Rs.30/-)

Form for Furnishing Statement Specifying Alteration in the Firm Name or in the Location of the Principal place of Business of the Firm We, the undersigned, being the partners of the firm of ..................................... whose registered address is at ........................................... hereby notify pursuant to section 60(1) of the Indian Partnership Act, 1932, that the changes specified below have occurred in this firm: a.     Change in the firm name: New Name b.    Change in the location of the principal place of business of the firm: New place of business We declare that all the above particulars are true to the best of our knowledge and belief as on this date. I/We also declare that up to the date of submission of this application there has not been any change in any of the particulars previously intimated save and except the change notified above. Dated this ................. day of ........................ 2000. ......................... Signatures Certified that the persons who have signed the statement have signed it in my Presence and they have affirmed that the Particulars affirmed therein are true. ........................ Signature of Witnesses Notes: 1.     Strike out item not required. 2.     This statement must be signed by ail the partners or their agents specially authorised in this behalf in the presence of witness who must be a Gazetted Officer, a Justice of the Peace, a Magistrate, an Attorney of the High Court, an Advocate, a Pleader or a Chartered Accountant. Download Word Document In English. (Rs.15/-) Download PDF Document In Marathi. (Rs.15/-)

Download Word Document In English. (Rs.45/-) Download PDF Document In Marathi. (Rs.40/) Model Limited Liability Partnership Agreement or LLP Agreement  [See Section 23(4) of the LLP Act, 2008 (6 of 2009)]  THIS AGREEMENT of Limited Liability Partnership (LLP) is made at ................ this .................... day of ..................... 20........  BETWEEN  ...................................  a company registered under the Companies Act, 1956, having its Registered Office at...................................... through its authorised representative ............................ which expression shall, unless it be repugnant to the subject or context thereof, include their legal heirs, successors, nominees and permitted assignees and hereinafter called the FIRST PARTY,  (2) .......................... S/o, D/o, W/o ........................  R/o ........................................... which expression shall, unless it be repugnant to the subject or context thereof, include their legal heirs, successors, nominees and permitted assignees and hereinafter called the SECOND PARTY, and  (3) .......................... S/o, D/o, W/o ........................  R/o ........................................... which expression shall, unless it be repugnant to the subject or context thereof, include their legal heirs, successors, nominees and permitted assignees and hereinafter called the THIRD PARTY, and (All the PARTIES hereto, i.e., the FIRST PARTY, the SECOND PARTY and the THIRD PARTY shall be collectively called or referred to as the PARTNERS).  WHEREAS the First Party is ........................................................... WHEREAS the Second Party is ....................................................... WHEREAS the Third Party is .......................................................... NOW the First Party, the Second Party and the Third Party are interested in forming a Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, 2008 and intend to write down the terms and conditions of the said LLP as below.  IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES/PARTNERS HERETO AS FOLLOWS:  Name of the LLP  1. A Limited Liability Partnership (LLP) shall be carried on in the name and style of M/s. ............................ LLP and hereinafter called as the LLP. Registered Office 2. The LLP shall have its Registered Office at ................................... and/or at such other place or places, as shall be agreed to by the majority of the partners from time to time. Capital Contribution  3. The Capital Contribution of the LLP shall be Rs. ....................................... (Rupees ....................................... ... only) which shall be contributed by the partners in the following proportions: First Party ........% i.e. Rs. ............... (Rupees ....................... only) Second Party ........% i.e. Rs .............. (Rupees ..................... only) Third Party..........% i.e. Rs.................... (Rupees..................... only) The further Contribution if any required by the LLP shall be brought by the partners in their profit sharing ratio. Profit sharing ratio (PSR)  4. All the Partners of the LLP are entitled to share Profits & Losses in the ratio of their respective Capital Contribution in the LLP. The net profits & losses of the LLP shall be arrived at after providing for payment of Remuneration to the Designated and working partners and Interest on Partners’ Contribution in the LLP or Loan given by them to the LLP. Business and Objects of the LLP 5. The objects, business and activities of the LLP shall be under :  ……………………………………..……………………………………..……………………………………....................... ……………………………………..……………………………………..……………………………………....................... ……………………………………..……………………………………..……………………………………....................... ……………………………………..……………………………………..…………………………………….......................  and other incidental and ancillary business more particularly described in the Schedule ‘A’ annexed herewith or any other business in any other manner as may be decided by the majority of the Partners. Common Seal  6. The LLP shall have a common seal to be affixed on documents as defined by partners under the signature of any of the Designated Partners.  7. That the immovable properties purchased by the LLP shall be clear, marketable and free from all encumbrances. Admission of New Partner  8. No Person may be introduced as a new partner without the consent of all the existing partners. Such incoming partner shall give his prior consent to act as Partner of the LLP.  9. Capital Contribution of the new partner may be tangible, intangible, movable or immovable property and the incoming partner shall bring minimum Contribution of Rs ................ (Rupees .......................... only).  10. Profit Sharing Ratio (PSR) of the incoming partner will be in proportion to his capital contribution in the LLP. First Schedule of LLP Act not to apply  11. Provisions of First Schedule to the Limited Liability Partnership Act, 2008 (the LLP Act, 2008 (6 of 2009)] will not apply to the LLP as the LLP will be governed by the terms of this LLP Agreement. Remuneration & Interest to Partners 12. The LLP shall pay such Remuneration to the Designated Partners and working partners as may be decided by the majority of the Partners, for rendering his/her/its services.  13. The LLP shall pay such Interest to the Partners on Capital Contribution in the LLP as may be decided by the majority of the Partners.  14. If any partner advances any sum of money to the LLP over and above his Capital Contribution, the same shall be a debt due from the LLP to the said partner and shall carry simple interest at the rate of .......% per annum or any other rate decided by the partners by majority/unanimously. Rights of the Partners  15. All the partners hereto shall have the rights, title and interest in all the assets and properties in the said LLP in the proportion of their Capital Contribution.  16. All the partners of the LLP shall be the working partners and each of the partners shall give time and attention as may be required for the fulfillment of the objects of the LLP business.  17. Every partner has a right to have access to and inspect and have copy any of the books of the LLP.  18. Each of the parties hereto shall be entitled to carry on their own, separate and independent business as they might hitherto be doing or may hereafter do as they deem fit and proper and other partners and the LLP shall have no objection thereto, provided that the said partner has intimated the said fact to the LLP before starting or commencing the independent business and in case of a business directly or indirectly competing with that of the LLP taken written consent of the LLP, provided also that he/she/it shall not use the name of the LLP to carry on the said business.  19. The LLP shall have perpetual succesision and the death, retirement or insolvency of any partner shall not dissolve the LLP.  20. On retirement of a partner, the retiring partner shall be entitled to full payment in respect of all his rights, title and interest in the partnership as herein provided. However, upon insolvency of a partner his or her rights, title and interest in the LLP shall come to an end.  21. Upon the death of any of the partners herein any one of his or her or its heirs will be admitted as a partner of the LLP in place of such deceased partner. The heirs, executors and administrators of such deceased partners shall be entitled to and shall be paid the full payment in respect of the right, title and interest of such deceased partner.  22. On the death of any partner, if his or her or its heirs opt not to become the partner, the surviving partners shall have the option to purchase the contribution of the deceased partner in the LLP. Duties of the Partners  23. Every partner shall account to the limited liability partneriship (LLP) for any benefit derived by him without the consent of the LLP from any transaction concerning the LLP, or from any use by him of the property, name or any business connection of the LLP.  24. Each Partner shall be just and faithful to the other partners in the conduct of business and all the transactions relating to the LLP.  25. Every partner shall indemnify the limited liability partneriship (LLP) and the other existing partners for any loss caused to it by his/her/its fraud in the conduct of the business of the limited liability partnership (LLP).  26. Each partner shall render true accounts and full information of all things affecting the LLP to any partner or his legal representatives.  27. In case any of the Partners of the LLP desires to transfer or assign his, her or its interest or share in the LLP he has to offer the same to the remaining partners by giving 15 days notice. In the absence of any communication by the remaining partners the concerned partner can transfer or assign his share in the market.  28. No partner shall without the written consent of the LLP, –  (1) Engage any employee or dismiss any employee of the LLP except for gross misconduct.  (2) Employ any money, goods or effects of the LLP or pledge the credit thereof except in the ordinary course of business and upon the account or for the benefit of the LLP.  (3) Lend money or give credit on behalf of LLP or have any dealings with any person, company or firm whom the LLP has previously in writing forbidden it to trust or deal with. Any loss incurred through any breach of the provisions shall be made good to the LLP by the partner incurring the same.  (4) Enter into any bond, bail or become guarantor, surety or security with or for any person or knowingly do, cause or suffer to be caused anything whereby the LLP property or any part thereof may be seized or endangered.  (5) Assign, mortgage or charge his/her/its share in the LLP or any asset or property of the LLP or make any other person a partner or sub-partner therein.  (6) Compromise or compound or release or discharge any debt due to the LLP (except upon payment in full).  (7) Engage directly or indirectly in any business competing with that of the limited liability partnership (LLP). Meetings of Partners of the LLP  29. All matters related to the LLP as mentioned in Schedule B to this LLP Agreement shall be decided by a Resolution passed by majority in number of the partners & for this purpose each partner shall have one vote.  30. The meeting of the Partners may be called by sending 15 days prior notice to all the partners at their residential address or by mail at the e-mail ID provided by the individual Partners in written to the LLP. In case any partner is a foreign resident the meeting may be conducted by serving 15 days prior notice through e-mail. Provided that the meeting may be called at shorter notice, if the majority of the partners agree in writing to the same either before or after the meeting. In case, any urgent meeting is called, the notice requirement may be ratified by all the Partners.  31. Meetings of the Partners shall ordinarily be held at the Registered Office of the LLP or at any other place as per the convenience of partners.  32. With the written Consent of all the partners, a Meeting of the Partners may be conducted through TeleConferencing or Video-Conferencing.  33. The limited liability partnership (LLP) shall ensure that deciisions taken by it are recorded in the minutes within thirty days of taking such decisions and are kept and maintained at the registered office of the LLP. Duties of Designated Partners  34. Authorised representatives of the First Party and the Second Party shall act as the Designated Partners of the LLP in terms of the requirements of the Limited Liability Partnership Act, 2008 (6 of 2009).  35. Designated Partners shall be responsible for the doing of all acts, matters and things as are required to be done by the limited liability partinership (LLP) in respect of compliance of the provisions of the LLP Act including filing of any Document, Return, Statement and the like Report pursuant to the provisions of Limited Liability Partnership Act, 2008.  36. The Designated Partners shall be responsible for the doing of all acts and deeds arising out of this LLP Agreement.  37. Each partner shall punctually pay and discharge the separate loans and debts and indemnify the other partners and the LLP assets against any loss caused or suffered by the LLP and all proceedings, costs, claims and demands from the LLP in respect thereof. Books of Account  38. Books of Accounts of the limited liability partinership (LLP) shall be kept at the registered office of the LLP for reference, access, inspection and having copies of by all the partners.  39. The accounting year of the LLP shall be the Financial Year, i.e., from 1st April of the year to 31st March of the subsequent year. The first accounting year shall be from the date of commencement of the LLP till 31st March of the subsequent year. Bank Accounts  40. Bankers of the partnership shall be ......................... Bank, ............. Branch and/or such other Bank or Banks as the partners may from time to time be agree upon by majority/ unanimously.  41. Bank Accounts of the LLP including Loans, Advances & Credit Limits, if any, from the Banks and Financial Institutions taken by the LLP, may be opened and operated by the Designated Partners and other Partners either singly or jointly as may be agreed upon from time to time by the partners by majority/ unanimously. Extent of Liability of the LLP  42. The LLP is not bound by anything done by a partner in dealing with a person if – (1) the partner in fact has no authority to act for the LLP in doing a particular act; and (2) the person knows that he has no authority or does not know or believe him to be a partner of the LLP. Indemnity  43. The limited liability partnership (LLP) shall indemnify each partner in respect of payments made and personal liabilities incurred by him –  (1) in the ordinary and proper conduct of the business of the limited liability partnership (LLP); or  (2) in or about anything necessarily done for the preservation of the business or property of the limited liability partnership (LLP).  44. The LLP shall indemnify and defend its partners and other officers from and against any and all liability in connection with claims, actions and proceedings (regardless of the outcome), judgment, loss or settlement thereof, whether civil or criminal, arising out of or resulting from their respective performances as partners and officers of the LLP, except for the gross negligence or willful misconduct of the partner or officer seeking indemnification. Arbitration  45. All disputes between the partners or between the Partners and the LLP arising out of the LLP Agreement which cannot be resolved in terms of this LLP Agreement shall be referred for arbitration as per the provisions of the Arbitration and Conciliation Act, 1996 (26 of 1996). Cessation of existing Partners  46. Any partner may cease to be a partner of the LLP by giving a notice in writing of not less than 30 days to the other partners of his intention to resign as partner.  47. No majority of Partners can expel any partner except in the situation where any partner has been found guilty of carrying of activity/business of the LLP with fraudulent purpose. Winding up of the LLP  48. The LLP can be wound up with the consent of all the partners subject to the provisions of the Limited Liability Partnership Act 2008. IN WITNESS WHEREOF the parties have put their respective hands the day and year first hereinabove written. Signed and delivered by For and on behalf of ....................  (Name of the LLP)  (Partner) (Partner) (Partner)  Witnesses:  1. Name: ……………………………………..  Address: ……………………………………..  Signature: ……………………………………..  2. Name: ……………………………………..  Address: ……………………………………..  Signature: ……………………………………..  SCHEDULE A  Incidental, Ancillary or Other Business of the LLP  (1) THE OBJECTS OR BUSINESS INCIDENTAL OR ANCILLARY TO THE ATTAINMENT OF THE MAIN OBJECTS OR BUSINESS ARE:  (2) THE OTHER BUSINESS ARE: SCHEDULE B MATTERS TO BE DECIDED BY A RESOLUTION PASSED BY A MAJORITY IN NUMBER OF THE PARTNERS

Deed of Retirement This Deed/Agreement is made at... this ... day of ... between Mr. A residing at ... hereinafter referred to as 'the Retiring Partner' of the One Part and Mr. 'B' residing at ... and Mr. 'C' residing at ... both collectively hereinafter referred to as the 'Continuing Partners' of the Other Part. Whereas the parties hereto have been carrying on business -in partnership under the Deed of Partnership dated - entered into by the Parties hereto in the name of M/s. ... And Whereas the Retiring Partner has given notice to the Continuing Partners of his desire to retire from the said partnership as from the.... day of ... And Whereas accordingly, accounts have been made up of the assets subject to the debts and liabilities and of the profits earned till the said date and a sum of Rs. ... is found to be due and payable to the Retiring Partner In lieu of his share. And Whereas it is now proposed to execute this Deed of Retirement recording the terms and conditions of such retirement. Now therefore it is agreed between the parties hereto as follows- 1.     The Retiring Partner doth hereby retire and shall be deemed to have retired from the said Partnership between the parties hereto and carried on as the name of M/s ... as from the ... day of .………., 2000. 2.     As from the said date the Continuing Partners have been and will be entitled to continue to carry on the said business In partnership on such terms as may be agreed upon between them. 3.     It is declared that except as hereinafter provided the Retiring Partner shall not have and he hereby releases all his share, right. title and Interest in the business, of the said partnership, Its assets Including goodwill, all licenses and permits held by the said Firm, Its outstandings dues and receivables and outstanding contracts, that the same shall belong to the Continuing Partners alone. 4.     The Continuing Partners agree to pay all the debts and liabilities of the said Firm and to Indemnify and keep Indemnified the Retiring Partner against all such debts and liabilities and all loss, costs, charges and expenses that the Retiring Partner may Incur or suffer on account thereof. 5.     The Retiring Partner confirms that as a result of accounts being taken a sum of Rs. ... Is due and payable to him in lieu of his share. right, title and Interest In the said partnership business including its assets and good will and he has no other claim against the Continuing Partners In respect of the said Firm. 6.     The Continuing Partners covenant to pay the said sum of Rs... to the Retiring Partner by monthly instalment of Rs... the first of such instalment to be paid on the ... day of... and each subsequent Instalment on the ... day of each succeeding month until the whole amount is paid in full. if there Is any default In payment of any two instalments then the whole of the said amount or any part thereof then remaining due shall become payable forthwith and the Retiring Partner will also be entitled to charge Interest at ... percent per annum on delayed instalments and until payment of the said amount in full, it will remain a charge on the assets of the said partnership. 7.     The Retiring Partner agrees and undertakes that he will not use the name of the Firm and will not carry on the same or similar business as at present carried on by the Firm for a period of two years from now and within a radius of four kilometres from the place where the business of the Firm Is carried on. 8.     For the sake of convenience. the Retiring Partner appoints the Continuing Partners jointly and severally as his attorneys with authority or power to take legal action and to do all other acts and things necessary to recover the debts and liabilities due to the Firm In respect of the transactions or business done upto now. 9.     The Retiring Partner agrees and undertakes to execute any document or papers as may be required to give complete effect to his retirement from the said partnership. 10.  The retirement of the Retiring Partner shall he advertised in the Official Gazette and in the local newspapers as required by law and the registration entry of the Firm In the records of the Registrar of Firms will be got amended accordingly. The Retiring Partner agrees to sign application or papers required for the purpose. 11.  The income tax payable by the Firm will be paid by the Continuing Partners and the Retiring Partner will pay the income tax on his income and other moneys received from the Firm. IN WITNESS WHEREOF the Partners have put their respective hands the day and year first hereinabove written. Signed and delivered by the withinnamed Retiring Partner Mr. A. in the presence of .………… Signed and delivered by the withinnamed Continuing Partners B & C, in the presence of ……………... Download Word Document In English. (Rs.20/-) Download PDF Document In Hindi. (Rs.20/-) Download PDF Document In Marathi. (Rs.20/-)

Agreement Admitting a New Partner This Agreement is made at this ........ day of ........ between Mr. A and B hereinafter jointly referred to as the existing partners of the one part and Mr. C hereinafter referred to as the new partner of the other part. Whereas Mr. A and Mr. B are carrying on business In partnership in the name of M/s. A B and Company as from the day of ........ under and by virtue of the deed of partnership dated the ........ day of ........ entered into between them. And Whereas the existing partners now desire to admit the new partner as an additional partner In the said partnership and the new partner Is also willing the join the said partnership on the terms hereinafter provided. And Whereas the present book value of their shares in capital contribution of the existing partners Mr. A and Mr. B and in the assets of the Firm Is rupees. ........ and rupees ........ respectively which the new partner has agreed to accept. And Whereas the new partner is willing to bring in a capital contribution of rupees ........ In the Firm Now it is agreed by and between the partners hereto as follows - 1.     The existing partners hereby admit the new partner as a partner alongwith the existing partners of the said firm carried on or in the name of M/s A B and Company as from the ........ day of .…......., 2000. 2.     The partnership business will be carried on the same name as above mentioned and at the same place of business as at present. 3.     The business of the partnership will be the same as at present carried on and may be changed or added to with the consent of all the partners. 4.     The shares in the capital assets including goodwill of the firm as on this day ........ of the said three partners will be treated as follows - Mr. A ........ 40% Mr. B ........ 40% Mr. C ........ 20% (5) The shares of the parties hereto In the net profit and losses of the partnership will be as follows – Mr. A ........ 40% Mr. B ........ 40% Mr. C ........ 20% 6.     The duration of this new partnership will be at will but any partner may retire from the partnership by one month's prior notice. 7.     In case of difference of opinion on any question regarding business, the opinion of the majority will be final and binding on all the partners. 8.     Subject to what is otherwise provided herein the terms and conditions mentioned in the said deed of partnership dated ........ will be binding on the parties as if the said Mr. C was a party thereto and subject as aforesaid the said the deed of partnership as amended by this agreement will be treated the deed of partnership between the parties hereto. 9.     The change in the constitution of the said firm made by this agreement will be notified or registered under the Partnership Act, and Income Tax Act, as per the legal requirements thereof. IN WITNESS WHEREOF the parties have put their hands the day and year first hereinabove written. Signed by the within named Mr. A in the presence of Signed by the within named Mr. B in the presence of Signed by the within named Mr. C In the presence of Download Word Document In English. (Rs.20/-) Download PDF Document In Marathi. (Rs.15/-)

Another Partnership Deed This Deed of Partnership made at.................. this .............. day of ...........…...., 2000, between A, son of O of Bombay Hindu inhabitant, resident of ............................... of the ONE PART, B, son of E of Bombay Hindu inhabitant resident of .............................. of the SECOND PART and Mrs. C, wife of F, of Nagpur Hindu inhabitant, resident of .............................. of the THIRD PART. Whereby It Is Agreed that the parties hereto (hereinafter together called the partners) shall become partners in the business of ............... for the term of .............. years with effect from ............. upon the terms and conditions hereinafter contained namely: 1.     The partnership shall be carried on in the name and style of M/s. ............................................................................ 2.     The partnership business will be carried on at ................ and/or at such other place or places, as shall be agreed to by the partners from time to time. 3.     The capital of the partnership shall be Rs. .................... which shall be contributed by the partners in the following proportions. First Party 40% Rs . ................... Second Party 40% Rs . ................... Third Party 20% Rs . ................... The further capital if any required by the partnership shall be brought by the partners and such additional capital brought by the partners shall be treated as loan to the firm and shall be paid interest @ ............ % p.a. out of the gross profits of the firm. 4.     The partners may agree to increase the capital of the firm by bringing in additional contribution in the proportion of the shares held by them in the initial capital of the firm. At the time of increase of the capital, the additional capital of the partner or partners may be adjusted against the increased capital. 5.     The bankers of the partnership shall be ..................... Branch ................ The bank account of the firm shall be operated upon by any partner. 6.     The net profits of the business shall be divided between the partners in the proportion of the capital and they shall bear all losses including loss of capital in the same proportion. 7.     The firm shall maintain usual account and other books at the place of business and they shall be kept properly posted up to date and shall not be removed from the place of business without the consent of all the partners. Each partner shall have free access to the books of account of the partnership at all times and shall be entitled to make such copies or extract therefrom as he may think fit. 8.     The First and the Second Party shall devote their whole time and attention to the interests of the business and shall be the working partners. They shall be entitled to equal remuneration for their working out of the amount computed in the manner laid down under section 40(b) of the Income-tax Act, 1961. The remuneration so computed shall be worked out and credited in the books of account, at the close of the accounting year period. 9.     Each partner shall-               i.        Be just and faithful to other partners in the transactions relating to partnership business;              ii.        Pay his separate debts and indemnify the other partners and assets of the firm against the same and all other proceedings, costs, claims or demands in respect thereof;             iii.        Give full information and truthful explanations of all matters relating to the affairs of the partnership to ail the partners at all times. 10.  No partner shall without the consent of the other partners-                        i        Engage in any other business directly or indirectly.                       ii        Lend money or give credit of the goods of the firm to whom the other partners have previously forbidden him to trust.                      iii        Mortgage, charge or assign his share in the assets or profits of the firm.                      iv        Draw, accept or indorse any bill of exchange or promissory note on account of the firm.                       v        Engage, remove or dismiss any apprentice, employee or agent of the firm.                      vi        Give any security or promise for the payment of money on account of the firm except in the ordinary course of business.                     vii        Give bail, bond or guarantee or become surety for any person or do or knowingly suffer any thing to be done where the partnership property may be endangered.                    viii        Buy, order or contract any property or goods for the firm exceeding Rs. ......................                      ix        Sign any cheque on behalf of the firm to, a sum exceeding Rs. .............                       x        Compromise or compound or, release or, discharge any debt due to the partnership. 11.  The accounts of the partnership shall be maintained according to the financial year, from 1st April to 31st March and general account shall be taken of all the capital assets and liabilities to, the time being of the partnership as on ................. in each year and a balance sheet and profit and loss account shall be prepared by M/s. ....................... Chartered Accountants or any other Chartered Accountants to be agreed upon by the partners and a copy thereof shall be furnished to each of the partners, who shall be bound thereby, unless some manifest error shall be discovered within six months, in which case such error, shall be rectified. Immediately after the preparation of the said balance sheet and profit and loss account, the net profits less sums drawn by the partners shall be divided to the partners. 12.  Each partner, shall be entitled to ................ weeks holiday in each year and all the partners shall make choice of the holiday alternatively. 13.  A new partner, may be introduced with the consent of all the partners on such terms and conditions as the partners agree with the Person to be introduced as a partner, in the firm. 14.  On the death of any partner, during the continuance of the partnership, the firm shall not be dissolved, the surviving partners shall have the option to purchase the share of the deceased partner, in the partnership business and the property and goodwill thereof. The purchase price of the share of deceased partner shall be the amount at which such share shall stand in the last balance sheet which shall have been prepared prior to the death of the deceased or in the event of the death of either, partner before the preparation of the first balance sheet the sum credited to him as his share of capital, and interest at the rate of ............. % p.a. thereon in lie. of profit from the date of the then last preceding annual account up to the date of death of the deceased. The partner, purchasing the share of the deceased partner, shall also enter, into a covenant to indemnify the personal representatives of the deceased partner from the existing and future debts, obligations ant liabilities of the partnership. 15.  It a partner retires or becomes insolvent, then the partnership will not be dissolved, and the remaining partner, shall have the option to purchase the share of such partner and the purchase price shall be calculated as given in the preceding clause. 16.  All outgoings and expenses of the partnership and all losses or damages incurred, interest payable for any loans received and taxes, etc. shall be paid first out of the profits, next out of capital and in the case of further deficiency, by the partners in the shares in which they are entitled to the net profits of the partnership business. 17.  All partnership moneys, bills, notes, cheques and other instruments received by the partnership shall as and when received be paid and deposited in the bank to the credit of the firms' account, except such sums as are immediately required to meet the current expenses of the partnership firm. 18.  All transactions of the firm shall be done in the name of the partnership and all goods shall be purchased or sold in the firm name. All the bills, vouchers, delivery notes, receipts, etc. shall be issued in the name of the firm. 19.  If any partner shall assign, charge or encumber his share in the partnership or shall become bankrupt or a lunatic or otherwise permanently incapable of attending to the partnership business or shall absent himself from the partnership business for more than ............. days, in any period of the twelve months except during his annual holiday without the consent of the other partners, or commit any breach of any of the provisions of this agreement or commits any criminal offence or do or suffer any act which would be a ground for the dissolution of the partnership by the court and in any such case it shall be lawful for the other partners by notice in writing to the offending or incapacitated partner or his trustee or official assignee to determine the partnership whereupon the partnership so far as concerns such partner shall determine and the other partner shall have the option to purchase his share and pay the purchase price to the offending partner or his trustee or official assignee in accordance with clause 14 hereof. 20.  Upon the determination of the partnership by efflux of time or in the case of death, retirement or expulsion of a partner from the partnership, the surviving or other partner shall not exercise the option of purchasing the share and interest of the deceased, retired or expelled partner or the partnership is determined by any other event not herein otherwise provided, a full and general account of the assets, credits, debts, liabilities of the partnership shall be taken and the assets and credits shall be sold, realised and the proceeds shall be applied in paying and discharging debts, liabilities and expenses of and incidental to the partnership business and the winding up affairs of the partnership affairs and subject thereto in paying to each partner any unpaid profits which may be due to him and his share of the capital and the balance of such proceeds shall be divided between the partners in the shares in which they are entitled to the net profits of the partnership and the partners shall execute, do or cooperate in all necessary or proper instruments, acts, matters and things for effecting or facilitating the sale, realisation and getting in of the partnership assets and credits and the application and division of the proceeds thereof and for their mutual release or indemnity or otherwise. 21.  Upon the determination of the partnership, each partner shall have the option to purchase the goodwill of the partnership on a price as agreed to by the partners, and if no partner exercises the option to purchase the goodwill, the same shall be sold to a willing purchaser, PROVIDED THAT it upon any such determination as aforesaid of the partnership, the business thereof shall be sold as a going concern, the goodwill shall be sold along with the business. No partner (unless he is the purchaser of such business) shall directly or indirectly carry on or be concerned or interested in a similar business in his own name in the locality of the firm within a period of ................... years from the completion of sale of goodwill. The value of the goodwill shall be considered as an asset of the firm and will be added to and form part of the sum payable to all the partners on the dissolution of the partnership. 22.  All disputes and differences whatsoever which shall arise between the partners or between the partners and the personal representatives of the deceased partner relating to any matter whatsoever touching the affairs of the partnership or the interpretation of this agreement and whether before or after the determination of the partnership shall be referred to a single arbitrator, if the parties agree upon one, otherwise to three arbitrators one to be appointed by each party to the difference in accordance with and subject to the provisions of the Arbitration and Conciliation Act, 1996 or any statutory modification or re-enactment thereof for the time being in force. 23.  All the other matters for which no provision is made in this deed, shall be decided by the majority of the partners for the time being of the partnership. IN WITNESS WHEREOF, the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written. Signed and delivered by the within named A Signed and delivered by the within named B Signed and delivered by the within named Smt.C WITNESSES; 1. 2. Download Word Document In English. (Rs.30/-) Download PDF Document In Marathi. (Rs.30/-)