Partnership Deed
Partnership Deed
THIS DEED OF PARTNERSHIP is made on the _____ of this day of _______, 2013.
- Mr. _______ son of ___, resident of ______, hereinafter referred to as First Part which expression shall mean and includes his legal heirs, administrators, assigns, etc.
AND
Mr. _________ son of _______, resident of ___________, hereinafter referred to as Second Party which expression shall includes his legal heirs, administrators, assigns, etc.
Witness that the parties hereinafter together called the partners shall become partners upon the terms hereinafter referred contained namely:
- Nature & Place of Business:
The partnership business shall be the installation and establishment of the Cable Business and display of Entertainment Programmes of all sorts and shall be carried at various places in the province of Punjab under the registration and Licensing Laws of Pakistan, or at such other place as the parties may determine.
- Period of Partnership:
That partnership business shall continue during the joint lives of the partners or until the same shall be determined in pursuance to the provisions of termination of the partnership, contained in clause 17 hereof.
- Name of the Firm:
The firm shall be named as __________ & Company having its registered office at ___________ and establish laision office at various places in Pakistan.
- Registration:
The firm shall be registered pursuant to Partnership Act, 1932 and any changes which may occur in the particulars to be furnished there under and shall forth with be notified to the registrar of the firm specifying the date and the nature of change signed by all the partners. Add the certificate of the firm’s registration shall be exhibited and the name of the partners written on catalogues, circulars, business cards and letters in the name of the Firm.
- Bankers of the Firm:
The Bankers of the partnership shall be any commercial bank, and all partnership money and securities shall be paid into or deposited to the credit of the partnership account, cheques whereon may be drawn in the form name bearing the signature of the partners.
- Capital:
The capital of the company shall be as per the books of accounts maintained by the Partnership Firm, which shall be in the proportionate share(s) of the respective partners as specified hereunder:
Name Profit Loss
The capital reduced with the consent of all the partners from time to time keeping in view the requirements of business.
- Profit & Loss:
That both the partners shall be entitled to the profits and losses of the business according to the ratio of investment made in the business under clause 6 of this Partnership Deed, including capital losses.
- Book of Account:
The usual book of account shall be properly kept and shall not be removed from the place of business without the consent of the partners.
- Assess to Book of accounts:
belonging to the firm and shall be entitled by himself or his agent to make extracts from them or copies thereof as he may think fit.
- Preparation of Balance Sheet:
On _______________ in each succeeding year during the continuation of the partnership, an account shall be taken by mutually agreed chartered accountants and/or accountants of the Firm, in regard to all the capital assets and liabilities for the time being of the partnership and a balance sheet and profit and loss account making due allowances for depreciation and for recouping any lost capital shall be prepared by such accountant and copy thereof furnished to each of the partners who shall be bound thereby unless some manifest error accrues which shall be resolved within one month and such error shall be rectified. After the preparation of the said balance sheet and profit and loss account, the net profits (if any) shown, within such account shall be divided proportionately as specified in clause 6 of the Partnership Deed.
- Management
All the above named partners have consented to manage the affairs of the Partnership Firm jointly and who shall also be deemed as Working Partners. Both the partners will look after and be responsible for maintenance of accounts, audit, bank dealings, tax matters, dealing with Government Offices and all other incidental or ancillary matters thereto and shall mutually endorse all of their acts, they shall be looking after and be responsible for the day to day affairs of the business of time the partners shall work diligently, faithfully, honestly and to the best of their ability in the interest of the partnership.
- Salary of Partners:
The first partner salary shall be paid monthly salary of Rs. ________ and the Second partner shall be paid monthly salary of Rs. _______. Both the partners shall be paid additional annual commission @ 15% of their salary provided the net profits exceed Rs. _____in the relevant previous year. Provided always that the aforesaid quantum of salary shall be revised from time to time in the interest of the partnership.
- Miscellaneous Clauses:
Neither party shall without the consent of the other:
- directly or indirectly involve in any business whatsoever, other than that of the partnership.
- engage or exempt from gross misconduct any dismissed servant of the partnership firm.
- lend any of the moneys or deliver upon credit any of the goods of the firm to any person whom the other partner shall previously in writing have forbidden him on trust.
- pledge the credit of the firm otherwise than in the ordinary course of business on account of the benefit of the firm.
- enter into any bond and/or surety with any person without the consent of the other partner and/or knowingly cause or permit anything whereby the partnership property may be endangered.
- assign, mortgage or charge his share in assets or profit within the partnership firm.
- draw accepts or endorse on behalf of the firm any bill of exchange or promisory note.
- use for his private purpose any motor vehicle belonging to the firm.
- enters on behalf of the firm into any contract for the purchase of goods for a consideration payment exceeding the sum of Rs. _____________.
- Indemnity:
If either partner commits any breach if any of the stipulations contained in the preceding clauses hereof, he shall indemnify the other from all losses and expenses resulted from breach.
- Insolvency:
If either party shall become insolvent or become permanently or mentally or physically unfit to attend business or to do or suffer any act which would be a ground for the dissolution of the partnership by the court, the other partner may within one month after becoming aware thereof by notice in writing to the incapacitated partner determine the subsistence of the partnership.
- Termination:
On the termination of the partnership from whatsoever cause, the partnership, shall be wound up and the assets shall be distributed as provided by the Partnership Act, 1932 save that unless the partnership business shall not be sold as a going concern then the good will thereof shall not be sold but each partner shall be at liberty to commence and to inform customers of the determination of the commencement of the new business.
- Arbitration:
All disputes which shall arise between the partners and the legal representatives of the other or between their respective legal representatives and whether during or after the determination of the partnership and whether in relation to the interpretation of this deed or to an act or omission of either partner to the dispute or as to any act which ought to be done by the partner in dispute in relation to any other matter whatsoever touching the partnership affairs shall be referred to a single arbitrator to be nominated, in case the partners cannot agree as to the appointment of an arbitrator then the matter of reference shall be submitted to Mr. ____________ and such arbitrator shall have full power to dissolve the partnership if he shall think fit. Any Award announced by the arbitrator shall not be effective unless the same is made Rule of Court under the Arbitration Act, 1940.
IN WITNESS WHEREOF, the partners have executed this Deed on the aforementioned date and in presence of the Witnesses.
Witnesses: Partners: