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Partnership Deed PDF

The document is a Partnership Deed executed on January 15, 2025, between Mayank Bhogal and Shivraj Singh Negi to establish a business partnership under the name 'Fungi Tales'. It outlines the terms of the partnership, including capital contributions, profit sharing, operational procedures, and provisions for dissolution and arbitration. The partnership is governed by the Indian Partnership Act, 1932, and allows for amendments with mutual consent.

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Shwetank Goel
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32 views4 pages

Partnership Deed PDF

The document is a Partnership Deed executed on January 15, 2025, between Mayank Bhogal and Shivraj Singh Negi to establish a business partnership under the name 'Fungi Tales'. It outlines the terms of the partnership, including capital contributions, profit sharing, operational procedures, and provisions for dissolution and arbitration. The partnership is governed by the Indian Partnership Act, 1932, and allows for amendments with mutual consent.

Uploaded by

Shwetank Goel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PARTNERSHIP DEED

This Deed of Partnership is executed on this the 15th day of January


2025 by and amongst:-
1. Mayank Bhogal S/o Late Jaichand Bhogal R/o House No. 13
Shastri Nagar Ajabpur Danda, Dehradun, Uttarakhand (hereinafter
referred to as the party of the first part)
AND
2. Shivraj Singh Negi S/o Balam Singh Negi R/o Phase 1, Lane No. 5
Block E Madhur Vihar Banjarawala, Ajabpur Khurd, Dehradun,
Uttarakhand (hereinafter referred to as party of the second part).
WHEREAS the parties above named intend to carry on the business in
partnership in the name and style of Fungi Tales vide this Deed of
Partnership.
AND WHEREAS all the parties referred to above hereby desire that the
terms and conditions be reduced in writing to do away any avoidable
disputes and misunderstanding that may arise in future.
NOW THEREFORE THIS PARTNERSHIP DEED WITNESSETH AS
UNDER:-
1. That the partnership business shall be carried on under the name and
style of Fungi Tales
2. That the business of the partnership firm Agro-Farming-Business or
any other business as may be decided from time to time mutually by all
the partners to this Deed.
3. The Head Office of the partnership firm will be at Gram Khand,
Bhag1, Plot No. 23, P.O Raiwala, Dehradun, Uttrakhand. The
principal place of business may be shifted to such other place or places as
the partners may unanimously decide from time to time.
4. That any branch may be opened under any name and style at such
place or places as the partners may decide from time to time.
5. That the terms and conditions of the partnership shall be deemed to
have been commenced with effect from the 15th day of Jan, 2025
6. That the capital required for the partnership shall be Rs.10,000 as
contributed by the partners.
7. That the regular books of accounts of the partnership shall be
maintained at the place of business which shall be closed on the 31st day
of March each year and each partner shall have access to and power to
have copies of the same. All the transactions entered into by them on
behalf of the firm shall be faithfully recorded therein.
8. That at the end of each accounting year, the firm’s accounts shall be
drawn up the Profit & Loss Account and the Balance Sheet of the firm
prepared and the Profit and/or losses falling to the share of each partner
shall be credited or debited to the respective accounts.
9. That the Profit and Loss Account and the Balance Sheet shall be duly
signed by any two partners and upon signing the same shall be binding
and final.
10. That the Profits and Losses as per Profit and Loss Account of the
partnership business shall be divided amongst the partners as under.

1. Mayank Bhogal
(Party of the First part) 50 %
2. Shivraj Singh Negi
(Party of the Second part) 50%
11. That the bank account(s) of the partnership shall be operated by any
of the partners to this deed or as may be mutually decided from time to
time.
12. No partner, without the written consent of all the other partners shall
do or abet in doing any of the following acts:-
(i) Sell, mortgage, assign or otherwise transfer his share or interest in the
partnership business or property.
(ii) Charge, mortgage, hypothecate, assign or otherwise transfer the
business, property or rights of this partnership firm.
13. That the partnership is “AT WILL” and can be dissolved at any time
with the mutual consent of all the parties to this deed.
14. That all the parties to this deed shall work diligently and faithfully to
the common advantages of the firm and shall render true and correct
information to each other.
15. That any consent or difference which may arise between the partners
or their legal heirs, successors or representatives with regard to the
construction, meaning and effect of this deed and/or any part thereof or in
respect of the accounts, profits or losses of the business of the said firm or
any other matter relating to the firm shall be referred to arbitration
under the Indian Arbitration Act, 1940.
16. That the provisions of the Indian Partnership Act, 1932 shall apply
as regards matters not expressly provided for hereinbefore in this
partnership deed.
17. That any of the above terms, conditions and stipulations may be
altered, varied or added to by mutually taking the consent of all the
partners in writing.
18. That all business expenses shall be borne by the Partnership Firm.
19. The powers and duties of the Partners, which shall be exercised at
their sole discretion with mutual consent (written/verbal) from partners,
shall include but not be limited to the below:
– To convert this partnership Firm to LLP or Pvt. Ltd. or Ltd. Company as
and when Partner opts to do so.
– To acquire, purchase, takeover and /or amalgamate business or
undertakings of companies or firms which under existing circumstances,
from time to time, may conveniently or advantageously be combined with
the business of the firm, to amalgamate or merge with companies whose
business are so acquired, purchased or taken over and/or to enter into
any agreement with the object of acquisition of such undertaking and/or
business.
To go into acquisition, purchase, takeover and/or amalgamate of other
entities or vice versa as and when Partner opts to do so.
– To sell, mortgage, assign or lease and in any other manner feel with or
dispose of the firm or properties of the firm or any part thereof, whether
movable or immovable for such consideration as the Partners of the firm
may think fit.
To sell, mortgage, assign, lease or dispose of the properties/assets of the
firm (including movable and immovable) to any person, company or other
entity at mutually agreed prices by the partners.
20. That the capital required for the business of Partnership shall be
contributed from time to time by the PARTIES in such manner in all
respect as may be agreed to between them. A simple interest @ 12% p.a.
shall be payable by the firm to the parties.
21. That any partner may draw salary, remuneration and or commission
for working in the partnership firm as agreed upon between the partners.
22. That the books of accounts and other documents belonging to the firm
shall be kept at the place of business only and shall at all reasonable
times, be open for inspection by any of the parties or his authorized
agent.
23. The written consent of all Partners will be required for the partnership
to avail credit facilities from any financial institution.
24. That the matters for which no provisions have been made in this deed
may be decided upon by mutual consent of the parties in writing.
25. That unless provided herein before, the provisions of the Indian
Partnership Act, 1932 shall apply.
IN WITNESS WHEREOF the parties hereto have set and subscribed their
hands on the day, month and year first mentioned above.
WITNESSES :
1. Mohit Kumar
2. Bhavik Tyagi
EXECUTANTS
………………..

Mayank Bhogal
Shivraj Singh Negi
(Party of the First part) (Party of
the Second Part)

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