PARTNERSHIP DEED
This deed of partnership is made on this 25th day of August, 2023, between:
Partner Abhijit Sharma, residing at Sec-27, Killa rd., Vasai, Mumbai,
Maharashtra, hereinafter referred to as the First Party.
Partner Bhavana Patil, residing at Link rd., Virar, Mumbai, Maharashtra,
hereinafter referred to as the Second Party
Partner Chrisel Fernandez, residing at Cross rd. B, Andheri, Mumbai,
Maharashtra, hereinafter referred to as the Third Party.
The partners agree to form and carry on the business of manufacturing of textiles
under the name and style of M/s ABC Company at RTO road, near Metro, 2 ln,
Andheri (W), Mumbai, Maharashtra.
NOW THIS DEED WITNESSES AS FOLLOWS:
1 The partnership shall commence from 25th day of August, 2023 and shall
continue until terminated by mutual consent or as per the provisions of this
agreement.
The capital of the firm shall be Rs. 10,000,000 contributed by the partners as
follows:
Partner A: Rs. 2,000,000
Partner B: Rs. 3,000,000
Partner C: Rs. 5,000,000
The capital account of each partner shall be credited with their respective
contributions and debited with their respective drawings.
2 The net profits and losses of the Partnership shall be divided among the
Partners in the following proportions:
Partner A: 30%
Partner B: 30%
Partner C: 40%
3 The net profit or loss of the firm shall be determined after deducting all
expenses, interest, salaries, taxes and other charges from the gross income of
the firm.
4 Each partner shall be entitled to interest on their capital at the rate of 10% per
annum. Interest on loans made by the Partners to the Partnership shall be paid at
a rate of 12% per annum.
5 Each partner shall have equal rights, duties and liabilities in the management
and conduct of the business. Each partner shall devote their whole time and
attention to the business and shall act in good faith and loyalty towards the
other partners.
6 No partner shall, without the consent of all the other partners, do any of the
following acts:
i) Engage in any other business or profession that may compete with or
adversely affect the business of the firm
ii) Lend, borrow, invest or dispose of any money or property belonging to
the firm
iii) Admit any new partner or assign their share in the firm to any third party
iv) Enter into any contract or agreement that may bind or obligate the firm
v) Compromise, settle or release any claim or debt due to or from the firm
7 Each partner shall:
Pay their separate debts and indemnify the other partners from any liability
arising from them
Be entitled to draw for personal use such amount as may be agreed upon by
all the partners
Not disclose any confidential information or trade secrets of the firm to any
third party without prior consent of all the partners
8 Partner B shall be paid a salary of Rs. 5,000 for the services rendered by them
to the firm in addition to their share of profits.
9 The books of accounts of the firm shall be closed on 31st March every year and
a balance sheet and profit and loss account shall be prepared and signed by all
the partners.
10 The books of accounts of the firm shall be kept properly and not be removed
from the office premises without the consent of all the partners. Each partner
shall have free access to them and be entitled to inspect and copy them at any
reasonable time.
11 Any dispute or difference arising between the partners regarding the
interpretation or implementation of this agreement or any matter relating to the
business of the firm shall be referred to arbitration by a mutually agreed
arbitrator whose decision shall be final and binding on all the partners.
12 In case of death a Partner, the Partnership shall continue and the legal heir or
representative of the deceased or incapacitated Partner shall step into his/her
place and assume their rights and obligations under this agreement.
13 In case of, retirement, insolvency or incapacity of any partner, the partnership
shall stand dissolved unless otherwise agreed by the surviving or continuing
partners and the legal heir or representative of the outgoing partner.
14 On dissolution of the partnership, the assets and liabilities of the firm shall be
valued and adjusted in accordance with the provisions of the Indian Partnership
Act, 1932 or any statutory modification thereof. The surplus or deficit, if any,
shall be divided among or borne by the partners in their profit-sharing ratio.
IN WITNESS WHEREOF, the parties have hereunto set their hands on this
25th day of August, 2023.
Partner Abhijit Sharma
Partner Bhavana Patil
Partner Chrisel Fernandez
Witnesses:
1. Name: Riya Mathew Signature: _______________
2. Name: Jewel Jaison Signature: _______________
Name: Adonia Shine
Roll no: 6132
