Partnership Deed

DEED OF PARTNERSHIP FORMATThis Deed of Partnership is made at…………………. on this………………day of ……………. between [Name of party 1], [Name of Party 2], [Name of Party 3], [Name of Party4]. 1.First partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the First Party.2. Second partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Second Party.3. Third partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Third Party.4.  Fourth partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Fourth Party.Whereas, the parties hereto have agreed to commence business of……………. with its principal place of business at…………………..under the name and style of …………..on the terms and conditions incorporated in the Partnership Deed executed on ……………………NOW, THEREFORE THIS DEED WITNESSETH as under:-1.BUSINESS ACTIVITY The parties here to have mutually agreed to carry on the business of …………………….2. PLACE OF BUSINESSThe principal place of the partnership business will be situated at ……………………………3. TERM OF THE PARTNERSHIPThe partnership shall begin on[DATE]………….., and shall continue until terminated.4.CAPITAL OF THE FIRMThe capital of the Firm shall be contributed in cash by the Total Partners Contribution.5. PROFIR AND LOSSThe profit and loss of the Partnership Firm shall be equally divided among all the Partners and transferred to Partner’s current account.-Name of the party share in profits(i)…………..(ii)…………..(iii)…………..(iv)…………..6. Salaries and Withdrawals The Firm shall open a Current account in the name of …………….[partnership Firm] at ………. any bank and that account shall be operated by partners jointly. Whereas, each partners shall, from time to time, withdraw and credit balance in their income account.7. MANAGEMENT DUTIES In the partnership firm, the First partner shall be Managing Partner and he will look after all the day to day transaction of the firm along with the legal activities and the remaining partners shall also devote their entire time to the conduct of the partnership business.8.RETIREMENT That any partner may retire from the during subsistence of the Partnership firm, it shall be competent from his/her to do so, provided to give at least   two months’ notice in writing to the others but none shall leave the firm until or unless all the pending commitments are carried out, liabilities paid off, assets realized and accounts are rendered fully and settled finally to the entire satisfaction of each of the parties. The remaining partner shall pay to the retiring partner, the purchase money of his share in the assets of the firm.9. DEATH OF PARTNERIn the event of the death of any partners, hereto the partnership firm hereby formed shall not dissolve, but shall continue. The legal heir or the representative of the deceased shall become the partner of the firm.10.ARBITRTIONWhenever there by any difference of opinion or any dispute arises, or the breach hereof, shall be referred by arbitration in accordance with the rules. The decision of the arbitration shall ne final and binding on all partners, all the arbitration proceedings shall be governed by the Indian Arbitration Act.In witness whereof the parties have signed and delivered this [Day/Month/Year] at…………. FIRST PARTNER                                                                  SECONFD PARTER                                                                                        Name:                                                                                   Name:Address:                                                                               Address:Signature:                                                                            Signature: THIRD PARTNER                                                             FORTH PARTNERName:                                                                                 Name:Address:                                                                              Address:Signature:                                                                            Signature:eStartIndia

DEED OF PARTNERSHIP FORMAT

This Deed of Partnership is made at…………………. on this………………day of ……………. between [Name of party 1], [Name of Party 2], [Name of Party 3], [Name of Party4].

1.First partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the First Party.

2. Second partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Second Party.

3. Third partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Third Party.

4. Fourth partner’s name………. aged about…………. years, [son/daughter] of Shri………………., residing at [Address ………………. city, state, Pin code…………………….] hereinafter to be called the Fourth Party.

Whereas, the parties hereto have agreed to commence business of……………. with its principal place of business at…………………..under the name and style of …………..on the terms and conditions incorporated in the Partnership Deed executed on ……………………

NOW, THEREFORE THIS DEED WITNESSETH as under:-

1.BUSINESS ACTIVITY

The parties here to have mutually agreed to carry on the business of …………………….

2. PLACE OF BUSINESS

The principal place of the partnership business will be situated at ……………………………

3. TERM OF THE PARTNERSHIP

The partnership shall begin on[DATE]………….., and shall continue until terminated.

4.CAPITAL OF THE FIRM

The capital of the Firm shall be contributed in cash by the Total Partners Contribution.

5. PROFIR AND LOSS

The profit and loss of the Partnership Firm shall be equally divided among all the Partners and transferred to Partner’s current account.

-Name of the party share in profits

(i)…………..

(ii)…………..

(iii)…………..

(iv)…………..

6. Salaries and Withdrawals

The Firm shall open a Current account in the name of …………….[partnership Firm] at ………. any bank and that account shall be operated by partners jointly. Whereas, each partners shall, from time to time, withdraw and credit balance in their income account.

7. MANAGEMENT DUTIES

In the partnership firm, the First partner shall be Managing Partner and he will look after all the day to day transaction of the firm along with the legal activities and the remaining partners shall also devote their entire time to the conduct of the partnership business.

8.RETIREMENT

That any partner may retire from the during subsistence of the Partnership firm, it shall be competent from his/her to do so, provided to give at least two months’ notice in writing to the others but none shall leave the firm until or unless all the pending commitments are carried out, liabilities paid off, assets realized and accounts are rendered fully and settled finally to the entire satisfaction of each of the parties. The remaining partner shall pay to the retiring partner, the purchase money of his share in the assets of the firm.

9. DEATH OF PARTNER

In the event of the death of any partners, hereto the partnership firm hereby formed shall not dissolve, but shall continue. The legal heir or the representative of the deceased shall become the partner of the firm.

10.ARBITRTION

Whenever there by any difference of opinion or any dispute arises, or the breach hereof, shall be referred by arbitration in accordance with the rules. The decision of the arbitration shall ne final and binding on all partners, all the arbitration proceedings shall be governed by the Indian Arbitration Act.

In witness whereof the parties have signed and delivered this [Day/Month/Year] at………….

FIRST PARTNER SECONFD PARTER

Name: Name:

Address: Address:

Signature: Signature:

THIRD PARTNER FORTH PARTNER

Name: Name:

Address: Address:

Signature: Signature:

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When two more parties decide to undergo a business activity through the mode of partnership deed, they will have to make an agreement that shall decide upon the profit, assets and liability sharing between the parties. This agreement can be made both in oral as well as written format. But making an agreement in a written format is more advisable as it creates evidence in favor of the parties. Therefore, an agreement made in written by the partners of business laying down their terms and conditions is what we call a Partnership Deed.

eStartIndia is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to all kinds of agreements, legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services.

eStartIndia will help you to draft a Partnership Deed from the comfort of your home, offering you services that are very specialized and tailored as per the requirements.

Get a Free Consultation for Partnership Deed with Our Top Rated Experts with a simple registration.

Why Choose eStartIndia For Partnership Deed?

This organization comprises of expert legal professionals, who use their expertise will draft your partnership deed that shall cover all the legal requirements and needs of the parties, we provide the services for registration of the deed as well. The experience and the knowledge that our professionals hold can help you in including clauses in your deed that shall effectively describe the relationship between the parties as well as avoid confusion or difficulties in the future.

ADVANTAGES OF PARTNERSHIP DEED

IMPROVES CLARITY: The deed involves a detailed description of the nature of work and the relationship of partners with the firm that will avoid confusion.

GUARDS THE PARTIES: The parties express their will, rights, and duties in the deed which reduces the scope of disputes between the parties in the future.

PROOF: It acts as evidence in the court of law.

SCOPE OF CONFIDENTIALITY: The deed involves clauses that state the compliance with any confidentiality that the parties may prescribe in their contract.INTELLECTUAL PROPERTY RIGHTS: The ownership rights and usage rights of a trademark or trade name will be clearly mentioned in the deed that will establish the rights of parties very clear.

CONTENTS FOR PARTNERSHIP DEED

THE SELECTED NAME OF THE PARTNERSHIP FIRM *note that this name shall not contain the terms such as “company” or “private company” in it.
NATURE OF BUSINESS.
DATE OF COMMENCEMENT.
LOCATION.
DURATION.
CONTRIBUTION OF CAPITAL BY EACH partner.
RATIO OF PROFIT SHARING.
SALARY OF PARTNER (if any).
TERM OF RETIREMENT, EXPULSION OF PARTNER AND DEATH OF PARTNERS.
DAILY FUNCTIONS OF FIRM AND PARTNERS.
PROVISIONS OF MAINTAINING FINANCIAL ACCOUNT AND AUDIT.
PROCEDURE FOR VOLUNTARY AND FORCED DISSOLUTION OF FIRM.
DISPUTE RESOLUTION GUIDELINES.
TERMS OF CONFIDENTIALITY.
TERMS RELATING to IPR.

Registration Process

The parties have to identify the partners to the firm and ascertain their terms and condition. It is advisable to hire a professional lawyer who would draft a partnership deed to ensure effective compliance of legal provisions. The Partnership Deed can be registered but this is left to the choice of partners but it is suggested to get the deed registered as it gives legal validity to the deed.

In order to get the deed registered the parties must apply to the Registrar with a duly signed copy of partnership deed and paying necessary fee and stamp.