PARTNERSHIP DEED: PARTNERSHIP AGREEMENT: PARTNERSHIP DEED FORMAT: PARTNERSHIP DEED SAMPLE

(INDIAN PARTNERSHIP DEED TO BE TYPED ON A STAMP PAPER ACCORDINGLY)

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PARTNERSHIP DEED

This Deed of Partnership is made at ______________ on this ______________ day of _________ ___________ among:

1. ____________________________________,
   ____________________________________,
   ____________________________________,
   ______________________________. (hereinafter called the FIRST PARTNER)
   .
   
   AND
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2. ____________________________________,
   ____________________________________,
   ____________________________________,
   ______________________________. (hereinafter called the SECOND PARTNER)
   .
   .

WHEREBY it is agreed that the above parties hereto (hereinafter together called the Partners) shall some partners in the business of ______________________________________________ with effect from ______________________ in the firm named as ________________________________ __________________________ the terms and conditions hereinafter contained namely:- 

1. The Partnership shall be carried on in the name and style of ________________________ ____________________ 
2. The partnership business shall be carried on at __________________________________ _______________________________ and / or at such other place or places as shall be agreed to by the partners from time to time.

PROFIT / LOSS RATIO:

1. The Profit / Loss of the business shall be distributed in the following ratio;
   
             First Party                      :           _______ %
             Second Party                 :            _______ %
   .
2. It has been agreed upon that irrespective of the date of execution of this partnership deed of the accounts for the first year shall be drawn and closed on 31st March and all the partners shall share the profit or loss in the aforesaid ratio for the first year as well as thereafter.  The firm shall carry on the business of __________________________________ or whatsoever agree to time to time.
   .
3. The capital of the partnership shall be as agreed to among the partners and shall be contributed by the partners in profit sharing ratio and shall belong to the partners in such shares and if at any time hereinafter any further capital is required for the purpose of the partnership unless otherwise agreed, the same will be contributed by the partners in the present capital sharing ratio.
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4. That interest per annum or as may be prescribed under any of the Income Tax Act, 1961 or any other applicable provisions as may be in force in the Income Tax Assessment of the partnership for the relevant accounting period or at a lower rate as may be agreed to by and among the parties from time to time shall be paid 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 and 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.
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5. That all the partners have agreed to keep themselves actively engaged in conduction the affairs of the business of the partnership firm.
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6. That the partnership firm shall keep or cause to be kept proper books of account and documents and shall make entries therein of all receipts payments and other shall be maintained in the name of the firm and shall be operated severally by any one of the partners or by authorized representative(s) jointly decided / nominated by the partners.
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7. That the books of account shall be closed on 31st day of March every year. The net profit or loss after deduction all expenses, interest, remuneration, outgoing shall be divided among the parties in proportion of the sharing ratio referred to herein above.
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8. That not with standing 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 of the partners the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and legal hairs and (or representatives of the deceased partner as a continuing concern, on the same 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.
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9. That will respect to any matter connected with the affairs of the firm, which is not specifically provided for herein, the parties may make such agreement therefore and may set in such manner with regard thereto as may be agreed upon by and among themselves.
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10. That the parties to this deed are partners to their individual capacity. The parties do not represent any other person.
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11. That if the parties deem proper and in their interest, they may admit any other person or persons partners on the term and conditions as may be mutually agreed amongst themselves.
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12. That the partners shall be entitled to modify the above terms executing a Supplementary Deed.
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    That all disputes and question arising in connection with the Partnership or this Deed arising among the partners or among any 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 Act them in force.

IN WITNESS WHEREOF the parties to this deed have set their hands on the date and place aforementioned in the presence of:

_______________________                                     _______________________

    (FIRST PARTNER)                                                 (SECOND PARTNER)

WITNESS:


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