V

000

PARTNERSHIP DEED

THIS DEED OF PARTNERSHIP IS ENTERED INTO ON THIS 05th DAY OF March, 2023 BY AND BETWEEN:

01.Yalamanchili Jaya Prakash, S/o Late Yalamanchili Sivannarayana, Aged 45, # D.No: 12-89, YNR
Heights, Panchayati Office Road, Enikepadu, NTR District, Andhra

Pradesh-521108, Bearing Aadhar Number: 8988 1612 6962. 02 Vadday Sai Madhav, S/o Bhaskar babu,
Aged 33, # Flat No: 6. Siva Sai Sadan Brindhavan Colony, Green Land Function Hall, Labbipeta,
Vijayawada Urban, NTR

District, Andhra Pradesh-520010, Bearing Aadhar Number: 2321 1121 2186.

WHEREAS the above both persons wishes to carry on All Products & Services Related to

Food & Beverages, Cafes and Restaurants, etc., in which they thought would be of

Profitable nature, decided to join hands and do the same in partnership.

WHEREAS the parties have decided to reduce the terms and conditions into writing.

ONIDA

FAN SPEED

SAING THERM
[2]

NOW THIS DEED WITNESSTH AS FOLLOWS:

01. That the business of partnership shall come into effect on and from the 05 DAY OF March, 2023.

02. That the business of the firm shall be carried on under the name and style of The Alley.

03. That the principle place of business shall be at D. No 54-18-451, 5th lane, LIC colony, 5th route,
Vijayawada, NTR District, Andhra Pradesh-520010. Electricity Consumption Bill 6512303043285
and any branch’s may be opened at any other place/s as may be decided by the partners from
time to time.

04. That the main objects of the firm shall be to do carry on All Products & Services

Related to Food & Beverages, Cafes and Restaurants, etc., and to do any other

Business as may be decided by the partners from time to time.

VING

On

300

[3]

05. That the party No.1 namely, Yalamanchili Jaya Prakash shall be the MANAGING
PARTNER of the firm, who shall have the control and authority to place orders for

Purchase of stocks, to sign bills, invoices, to appoint staff, etc. He is further authorized for making
necessary application along with necessary enclosures for making tenders for the works contracts with
Government, Railways, Public or private sector undertakings and to execute the works agreements,
deeds or other documents in connection with the contracts and to look after all the affairs and
negotiations with the Government Departments on behalf of the firm, and to do all other acts, things
that are usual necessary and expedient in the day to day running of the business. 06. That the bank
account’s may be opened in the name of the firm and the same shall

Be operated upon by the MANAGING PARTNER Yalamanchili Jaya Prakash & other Partner Vadday Sai
Madhav “JOINTLY”.

VINC

[4]

06. REMUNERATION TO PARTNERS:

i) It is agreed by and between the parties hereto that the following partners (here-in-
after referred to as Working Partners) shall devote their time and attention in
conduct of the affairs of the firm, as the circumstances and business needs may
require.

01. Yalamanchili Jaya Prakash 02. Vadday Sai Madhav

The total remuneration payable to the working partners shall be worked out as under

In case of loss or book profit upto Rs.3,00,000/- for the year.

Rs.1, 50,000/- or 90% of the book Profit Whichever is higher

On the book profit exceeding Rs.3,00,000/- for the year.

[5]

For the purposes of this clause, the expression ‘Book Profit shall mean the book profits as defined in
S.40(b) of the Income Tax Act, 1961, or any statutory modification or re- enactment thereof, for the time
being in force’. Such total remuneration shall be paid to the working partners in equal proportion.

The partner shall be entitled to withdraw any amount during the year from the partnership

Towards their yearly remuneration, share of profit or out of their current, loan or capital account from
time to time as may be decided by the partners by mutual consent.

The remuneration payable to the working partners as above shall be credited to their respective
accounts on ascertainment of book profits.

[6]

i) The funds required for the purpose of the partnership business shall be contributed or
arranged by the partners in such a manner as may be mutually agreed upon. Interest at the
rate of 12% per annum of simple interest or such lower/higher rate as may be prescribed
U/s 40(b) (iv) of the Income Tax Act, 1961, or any other applicable provision as may be in
force for the income-tax assessment of the partnership firm, for the relevant accounting
period, shall be payable by the partnership on the amount standing to the credit of the
capital and/or current or loan account or the accounts of the partners. If there is any debit
balance in the account of any partner, interest at the above rate shall be payable by him.
The partners shall be at liberty to increase or reduce the above rate of interest from time to
time.

i) The partners shall be entitled to modify the above terms relating to remuneration, interest
etc., payable to the partners by executing a supplementary deed and any such deed when
executed shall have effect, unless otherwise provided, from the first day of the accounting
period in which such supplementary deed is executed and the same shall form part of this
deed of partnership.
iv) The net profit of the partnership business as per the accounts maintained by the partnership after
deduction of all expenses relating to trading activities of the partnership including rent, salaries and
other establish expenses as well as interest and remuneration payable to the partners in accordance
with this deed of partnership or any supplementary deed as may be executed by the partners shall be
divided and distributed amongst the partners in the following proportion.

SL. No

Name of the Partner

Share %

01

Yalamanchili Jaya Prakash

Vadday Sai Madhav

50%

50%

02

Total

100%

The loss, if any, including loss of capital suffered in any year shall be apportioned in the above
proportion.
 07. That any loans or finances may be borrowed from banks, financial institutions whether private
or public or from any private financing personnel to meet the necessities of the business. They
shall be borrowed only with the unanimous consent of all the partners and the same shall be
properly accounted for in the books of the firm.

[7]

08. That the books of account shall be continued and maintained and shall be kept at the principal
place of business and the same shall be closed at the end of every financial year i.e. for the year
ended on 31/03/2023.

09. That the partnership shall be ‘AT WILL’

10. That any of the terms of this deed may be amended, altered, abolished or abandoned

Or otherwise be dealt with according to the necessities of the business and the same

When agreed by all the partners and reduced to writing and signed by all the partners

Shall have the same effect as if embodied in this deed.

11. That the matters not provided for in this deed shall be governed by the provisions of the INDIAN
PARTNERSHIP ACT, 1932.

IN WITNESS WHEREOF THE PARTIES ABOVE MENTIONED HAVE SET THEIR

HANDS WITH THEIR FREE WILL AND CONSENT ON THIS DAY MONTH AND YEAR ABOVE MENTIONED.

WITNESSES:
SIGNATURE OF THE PARTNERS: