DEED OF PARTNERSHIP
THIS DEED OF PARTNERSHIP IS MADE AT DELHI/NEW DELHI ON THIS
____ DAY OF March 2025 BETWEEN THE FOLLOWING PARTIES:-
(1) MR. HARSHIT SHARMA S/O SH. PARDEEP SHARMA R/O A-10/25,
SECTOR-3, DWARKA, DELHI (hereinafter called the party of the first part
/ FIRST PARTNER);
....AND....
(2) MS. SAKSHI GUPTA D/O SH. xxxxxxxx R/O xxxxxxxxx xxxxxxxx xxxxxxx
xxxxxxxxxx xxxxxxxxxxx ROHINI, DELHI-110085 (hereinafter called the
party of the second part / SECOND PARTNER).;
....AND....
(3) MS. REKHA KUMAR D/o SH. Xxxxxxxxx R/O xxxxxxxxxxxxxxx xxxxxxxx
xxxxxxxxxx xxxxxxx xx DELHI-110085 (hereinafter called the party of the
third part / THIRD PARTNER);
....AND....
(4) MR. SACHIN JAISWAL S/O SH. Xxxxxx xxxxx xxxx R/O xxxxxxxx xxxxxxx
xxxxxx xxxxxxx xxxxxxxx DELHI-110085 (hereinafter called the party of
the fourth part / FOURTH PARTNER);
The expression of the FIRST PARTNER, SECOND PARTNER, THIRD PARTNER
& FOURTH PARTNER wherever they occur in the body of this agreement shall
mean and include their respective heirs, successors, legal representatives,
administrators, executors and assigns.
THAT hereinafter parties to this agreement the expression Partner / Party
shall refer to a single partner and collectively they shall be referred to as
Partners / Parties.
WHEREAS the aforesaid parties are voluntarily desirous of entering into this
Agreement to effectively carry out the profession as set out under clause 4 in
the form of partnership.
NOW the Parties have agreed to undertake the profession under partnership
on the terms and conditions hereinafter laid down:
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1. That the profession of the partnership firm shall be carried on under the
name and style of SHRS & CO. or under any other name and style as the
Partners may mutually agree upon in writing.
2. That the profession of the partnership shall be carried out at Premises
…………………………………..(‘Registered office’) or at any other place or
places as the Partners may mutually agree upon in writing.
3. That the Partners hereby confirm that they are competent to enter into
this profession of partnership and hold valid certificate of practice issued
by ……..Act. Further, partners hold each other and the firm harmless of
any subsequent act from their conduct.
4. That the profession of the partnership shall be provisioning of all types of
services as are permissible to a …….with or without permission under
………Act.
5. That the capital needed in the partnership shall be contributed by the
Partners in the manner mutually agreed upon. That the capital to be
introduced by the partners shall be brought in the form of acceptable
Indian currency, assets and any other acceptable form as may be mutually
agreed upon between the Partners.
6. That the Net Profit & Losses of the partnership shall be divided as under
for the mutual projects:-
FIRST PARTNER : 25% SHARE
SECOND PARTNER : 25% SHARE
THIRD PARTNER : 25% SHARE
FOURTH PARTNER : 25% SHARE
For individual projects handled by any of the partner, net profit shall be
completely rewarded to respective partner.
7. That the regular books of accounts shall be maintained in respect of all
the transactions which shall be kept at the Registered office of the
partnership and shall be open for inspection to the Partners or their
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authorized representatives during business days and during business
hours.
8. That the books of accounts of the partnership shall be prepared on
generally accepted accounting principles and the financial statements
including balance sheet and statement of profit & loss on a year-on-year
basis shall be prepared from 01 April – 31 March (‘financial year’).
9. That the bank account of the partnership shall be opened in a scheduled
bank and party of the first part, party of the second part, party of the
third part or party of the fourth part, jointly by any 2 partners are hereby
authorized to act in good faith and perform all necessary tasks required
to open a bank account in the name of the partnership.
10. That party of the first part or party of the second part are authorized and
responsible for obtaining registrations under Income-tax Act, 1961, Goods
& Services Tax Act, 2017 etc. The party of the first part, party of second
part, are hereby authorized to sign / digitally sign and undertake all
necessary actions for obtaining such registrations. Further, the said party
is also authorized to sign and submit applications in future, if required for
amending the registration certificate / licenses received from the
governmental authorities.
11. That no partner is authorized to raise any debt / loan on behalf of the
partnership without the prior written consent of all the partners.
Similarly, the partnership shall not be responsible for any loans raised by
any partner in their individual capacity. Further, it is hereby agreed
between the partners in case of such instance, where loan / debt has been
obtained by any of the partner without the prior written consent of the
other partners, the partner raising such loan / debt shall be solely
responsible for its repayment inclusive of any other amount that the
lender may claim.
12. That the partners shall work in good faith of the other partners as well as
the partnership and shall also keep each other apprised of the material
business developments.
13. That the partners shall be entitled to interest on their capital invested in
the partnership as may be mutually decided by the partners, however the
rate of interest on capital shall not exceed the rates allowed as a valid
permissible deduction under the applicable provisions of Income-tax Act,
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1961. The amount of interest shall be credited at the beginning of each
financial year in their respective capital accounts. The interest paid /
credited to the partners shall be charged to the profit & loss account each
year.
14. That party of the first part or party of the second part or party of the third
part or party of the fourth part shall be responsible for carrying out routine
business activities of the partnership and hereby undertake to carry out
the same in good faith. That the working parties are authorized to
purchase / procure assets / any other products required in the routine
functioning of the partnership in the name of the partnership with consent
of atleast one other partner.
15. That as a measure of work performed towards the partnership, the
partners shall be entitled to receive a remuneration as may be mutually
decided by the partners in writing. The partners may mutually decide to
withhold payment of such remuneration per the requirements of the
partnership including but not limited to future prospects and viability of
the partnership, future projects of the partnership, situations of no profits
etc.
16. That no new partner shall be admitted to the partnership without the prior
written consent of all the partners.
17. That in the event of retirement of any of the partner from the partnership,
the retiring partner shall be required to give a written notice to the other
partners of at least 60 days. In such event, the other partners shall be at
liberty to continue to operate the partnership under the name and style
with benefits of goodwill and any other rights as a going concern.
That the retiring partner shall be paid the sum standing to their credit in
their capital / current account within a period of 60 days from the last
date of their office.
18. That in the unfortunate and unforeseen situation of demise of a partner,
the amount standing to the credit of the partner in their current / capital
account shall be paid to the legal heir of the demised partner within a
period of 45 days from the date of submission of requisite proof of demise
to the other partners by the legal heir.
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19. That in the unfortunate and unforeseen situation of death of any partner,
the remaining partners in the partnership shall be at liberty to continue
under the name and style along with all other benefits.
20. That interest / rights / share in the partnership shall not be assigned or
transferred without prior written consent of the other partners.
21. That the partnership is at will & may be dissolved at any time with mutual
consent of all partners. On dissolution of partnership, the assets and
liabilities of the partnership shall be dealt with in accordance with the
provisions of Partnership Act, 1932, as applicable.
22. That in case of any dispute or difference of opinion between the partners
in regard, to any matter concerning the partnership & its profession, the
matter shall be referred for decision to arbitrator(s) appointed by each of
the parties in dispute or difference of opinion in accordance with the
provisions of The Arbitration and Conciliation Act, 1996 & decision of
arbitrator shall be final and binding on all the parties. The place of
arbitration shall be New Delhi and all the proceedings thereon shall be
conducted in English language. The number of arbitrators shall not be an
even number. The Arbitral Tribunal may decide its own procedure to
conduct the proceedings of arbitration which shall be binding on the
parties.
23. That the terms and conditions of the partnership may be changed, altered
or modified with the mutual consent of majority of the partners.
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IN WITNESSES WHEREOF, both the parties have signed this agreement on
the day month and year first written above in the presence of the following
witnesses.
WITNESSES :
1.
FIRST PARTNER.
2.
SECOND PARTNER.
THIRD PARTNER
FOURTH PARTNER
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