PARTNERSHIP DEED
THIS DEED OF PARTNERSHIP IS EXECUTED AT TEYNAMPET, CHENNAI
ON THIS 21.01.2012.BY AND BETWEEN
1. Mr. X
NO-XXX, KOVIL STREET,
TEYNAMPET,
CHENNAI-600 018.
Age: Years 26.
Herein after be referred as the party of the
First part to this deed
2.
Mr. Y
OLD-zz,NEW NO-yy, ALAIYAMMAN
KOVIL STREET,
TEYNAMPET,
CHENNAI-600 018.
Age: Years 25.
Herein
after be referred as the party of the Second part to this deed
WHEREAS, the partners 1 to 2 hereto under a
deed of partnership dated 21.01.2012 have been carrying on the business at TEYNAMPET
under the name and style of “DJ LTD”.
WHEREAS, the parties hereto after mutual
discussion have agreed to the terms and conditions of the Partnership relating
to the conduct of the business and other affairs of the firm.
WHEREAS, the parties hereto desire to have
all the terms and conditions of the Partnership reduced to writing and to have
the same duly evidenced by this deed of partnership.
NOW THIS DEED WITHESSETH AS FOLLOWS;
1) Constitution
of the Firm :
The partnership firm is constituted under
the Deed of Partnership dated 21.01.2012 with the parties hereto as partners shall
carry on its business in partnership, as per the terms and conditions set out
below in this deed.
2)
Name and Style:
The
Partnership firm shall continue to carry on its business, under the name and
style of “DJ LTD”. The Partners by unanimous decision may change the
name and style of the business from time to time as they deem fit. The firm may carry on different business in
different trade names.
3) Principal Place of Business:
The firm shall continue to have its principal
place of business at No.XX, Alaiyamman
Kovil Street, Teynampet, Chennai-600 018. And the same may be shifted to
any other place or places as the partners may decide from time to time.
4.) Branches, Offices, etc:
The firm may open branches at different
places as may be decided by the partners from time to time.
5) Natures of Business:
The firm shall carry on the business of
MAIN BUSINESS
: Toughened & Ordinary glass &
fittings .
SUB BUSINESS : Painting,Electrical, False Sealing & Tiles Etc..,
6) Capital Contributions:
That the total capital of the firm shall be
Rs.1,00,000/- (Rupees one lakh only) Contributed
by the partners at Rs 50,000/- (Fifty Thousand only) each.
The
capital of the firm may be increased or reduced from time to time according to
the needs of the business by mutual consent of the partners. The partners may bring such further capital
as the partners may unanimously decide from time to time.
7) Managing Partner:
Party to the first part of deed Mr. Y will be the Managing Partner, with a
remuneration of Rs 6000/- (six thousand only) per month.
8) Working Partners:
Party
to the first part of deed Mr. X is a Working partner/s with remuneration
of Rs.6000/- per Month.
9) Bank Operation:
Accounts
shall be opened and operated in any Bank in the name of the firm and such bank
account shall be operated by the first party of the deed Mr. Y.
10).
Accounts and Profit/Loss Sharing Ratio:
Proper books of accounts shall be maintained
in the usual course of business and the same shall be closed once a year to
ascertain the net Profit or Loss of the firm for the year. The net profit or
loss of the firm so arrived at shall be divided between the partners in the Equal ratio of the partners.
11).Duration of Partnership:
The partnership shall be AT WILL. Any
Partner desiring to retire from the firm shall do so by giving one month’s prior
notice in writing to the other partners. Death or Retirement of a partner shall
not have the effect of dissolving the firm and the remaining partners shall be
entitled to carry on the business of the firm with the addition of one or more
new partner/s.
12) Admission of a new partner:
No new partner shall be admitted to the firm
except with the written consent of the other partner. However in the case of a
nominee of a deceased partner the other partner shall be bound to admit such nominee
as a partner of the firm.
13) Appointment of Nominee:
Any Partner shall have the right to nominate
in writing any other individual, being related to him or her, as a spouse, son
or daughter, to succeed such partner in the firm, in the event of death of such
partner and the other partners shall admit such nominee as a partner to fully
succeed to the partnership interest of such deceased partners.
14)
Borrowing Powers:
The
firm shall borrow funds from banks, financial institutions and other private
parties for the purpose of the business of the firm only with the unanimous
consent of all the partners in writing and all the documents relating to the
same shall be signed either by all the partners or by any one or more partner/s
duly authorized in this behalf by all the partner/s.No partner shall have the
right to borrow funds in the name of the firm without the written consent of
the other partner/s.
15)
Stipulations:
No individual partner of the firm shall without the
consent in writing of the other partners be entitled to:-
a.
Admit any liability in a suit or
proceedings AGAINST THE FIRM.
b.
Compromise or relinquish any claim
or portion of claim due to the firm.
c.
Transfer immovable property
belonging to the firm.
d.
Take lease or acquire immovable
property on behalf of the firm.
e.
Appoint any employee in or dismiss
any employee of the firm.
f.
Operate bank account on behalf of
the firm in his own name.
g.
Have dealings or give credit on
behalf of the firm to any person or business house with whom any other partner
has decided not to deal with and trust.
h.
Withdraw a suit or proceeding filed
on behalf of the firm.
i.
Assign, mortgage or charge his share
of interest in the firm wholly or in part to any out side party.
Any Partner committing any breach of any of the foregoing stipulations shall
indemnify the firm and /or other partners from all losses and expenses incurred
by the firm and/or other partners in that
respect.
16).
Arbitration:
All disputes between the partners relating to
the business and other affairs of the firm shall be settled by arbitration, in
accordance with the provisions of the Indian Arbitration Act, 1940.
17).
Application of Indian Partnership Act, 1932:
Except to the extent mentioned
above in this deed to the contrary, all the other provisions of the Indian
Partnership Act, 1932 shall be applicable to the firm.
IN WITNESS WHERE OF,
the parties hereto affix their signatures to this deed on the day, month and
year, here in above first mentioned.
PARTY OF THE FIRST PART
PARTY OF THE SECOND
WITNESS
1.
2.
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