Download as docx, pdf, or txt
Download as docx, pdf, or txt
You are on page 1of 6

DEED OF PARTNERSHIP

THIS DEED OF PARTNERSHIP is made this 22ND day of September, 2021


(Two Thousand Twenty One) BETWEEN ARUN KUMAR SHARMA, S/o- Nandlal
Sharma, by faith - Hindu, by occupation Business, residing at Agrasain Nagar,
Block E/003. Seth Parashuram Bajaj Road, Bally, Dist - Howrah - 711204, West
Bengal hereinafter referred to the party of the FIRST PART (which term or
expression shall unless otherwise excluded by or inconsistent with or
repugnant or contrary to the subject or context thereof be deemed to mean
and includes his heirs, successors, executors, administrators, legal
representatives and assigns) of the FIRST PART

AND

SHANI SHAW, S/o – Ashok Shaw, by faith - Hindu, by occupation Business,


residing at 25/26/2, Narshingh Bose Lane, Fazir Bajar, Dist - Howrah - 711102,
West Bengal hereinafter referred to the party of the SECOND PART (which
term or expression shall unless otherwise excluded by or inconsistent with or
repugnant or contrary to the subject or context thereof be deemed to mean
and includes his heirs, successors, executors, administrators, legal
representatives and assigns) of the SECOND PART.

WHEREAS the parties of these presents agreed to carry on a partnership


business in respect of business “IT. Enabled Services & Online Coaching
Centre" under the name and style of "M/S A.S EDUCATE” at 25/26/2,
Narshingh Bose Lane, Fazir Bajar, Dist - Howrah - 711102, West Bengal, under
HMC ward No - 30, under specific terms and conditions as has been mutually
agreed by and between themselves, i.e. all the parties hereto;

AND WHEREAS the parties of these Presents felt it necessary to reduce in


Writing the terms and conditions as have been mutually agreed upon by and
between the parties hereto for avoidance of any dispute and differences if
arise at subsequent stages and for other good reasons and therefore all of
them on this day have executed and entered into this instant relative Deed of
Partnership containing herein the below mentioned terms and conditions
concerning of the said business now to be commenced with immediate effect,
1. NAME : THAT the business shall be carried on under the name and style
of "M/S A. S EDUCATE"

2. NATURE OF BUSINESS: the business shall be carried "IT. Enabled


Services & Online Coaching Centre".

3. BUSINESS PLACE : the business place at 25/26/2, Narshingh Bose Lane,


Fazir Bajar, Dist - Howrah - 711102, West Bengal, under HMC ward No –
30 and/or any other place/ places as might be mutually agreed upon by
and between the partners hereto.

4. COMMENCEMENT: THAT the partnership should be deemed to have


been commenced on and from the 01/08/2021. and should have effect
on and from that date and should continue until determined by mutual
consent of the parties or by three clear months' notice in writing to be
given beforehand on that behalf by any of the partners to the others and
the Deed of Partnership should have effect on and from the date
mentioned hereinbefore.

5. SCOPE OF BUSINESS: THAT the business of partnership should be of "IT.


Enabled Services & Online Coaching Centre" and any other allied
business or businesses as the partners may agreed upon from time to
time in future.

6. CAPITAL: THAT the capital of the instant partnership shall should be at


present party of the first part Rs. 25,000/- only, and party of the second
party Rs. 25,000/- in total of Rs.50,000/-.

7. SHARE : THAT the share of the parties in the Profit and Loss of the
Partnership should be in the manner as follows:-
First Part ARUN KUMAR SHARMA, shall get 50% of the Profit and Loss

Second Part SHANI SHAW shall get 50 % of the Profit and Loss

8. REMUNERATION / SALARY/BONUS/ COMMISSION ETC. :


(a) That the partners shall be the whole time Working partners and
should be
entitled to draw salary and/or remuneration according to their share,
the maximum available will be as provided under Section 40 (b) of the
Income Tax Act, 1961 or at the rate so to be decided mutually among
the partners from time to time either regularly every month or at the
time according to the availability of the then fund of the Firm. The
partners should also be entitled to draw/ receive as bonus in addition to
their monthly salary,

(b) That the Partners should also be entitled to draw commission on the
total turnover of the business at such a rate so to be mutually
decided among the partners.

(c) That the quantum of monthly salary, commission, bonus and interest
on Capital and Loan etc. might be increased decreased from time to
time according to the quantum and volume of business as to be done
by the firm and/or as the partners decided mutually among
themselves.

(d) That nothing in the from of salary, remuneration, bonus, commission


and interest etc. should be drawn by any of the partners until and
unless it is being unanimously decided among the parties hereto.

(e) That the aforesaid payment of salary, remuneration, bonus,


commission and interest etc. should always be subjected to the
conditions and restrictions which have been stipulated and enacted
in Section 40 (b) of the Income Tax Act, 1961 or in any other
provisions of law and the share of credited profit/ loss would be
distributed among the partners after taking into account of salary,
bonus, remuneration, commission and interest on capital payable to
the partners.

9. LOAN FROM PARTNERS: THAT the partners might give loan and
advance to the partnership as may be necessary for the purpose of the
business and are entitled to interest thereon at the rate as may be
mutually agreed upon by the both partners.

10. ACCOUNTS: THAT proper and regular accounts of the affairs and
transactions of the partnership should be maintained by the parties and
the books of accounts and all letters, documents and other necessary
papers belong to the firm should be kept upon for verification of all
partners or their representatives for inspection at the business premises,

11. ACCOUNTING YEAR: THAT for the purpose of accounts the partnership
business should observe the Accounting year from April to March (i.e.
First day of April to Last day of March of the following year).

12. BANK ACCOUNT: THAT the parties might open one account or more
accounts with any Bank or Banks in the name of the partnership
business, the account or accounts shall be and can be operated by both
of the partners.

13. GENERAL DUTIES OF PARTNERS : THAT partners should be duty bound


to carry on business of the-firm to the greatest common advantage and
to be just and faithful to each other and to render true accounts and full
information of all things effecting the business to each partner
reciprocally.

14. ADMISSION OF PARTNERS : THAT the parties hereto might effect to


admit partner or partners on such terms and conditions as may be
mutually unanimously agreed upon all of them.

15. RESTRICTION : THAT no partner without the consent of others should


carry on any other business which might allied or similar to the business
of the partnership excepting existing any. Each party should devote their
time diligently to the affairs for the partnership business.

16. ARBITRATION : THAT any dispute arising out of the partnership as to


the interest or operation or enforcement of the terms and conditions of
the partnership among the parties or to their legal representatives
should be referred for ad-justification to the arbitration in terms of
Indian Partnership Act,

17. DEATH: THAT upon the death of any partner the partnership might not
be dissolved but the surviving partners may admit the heirs and legal
representatives of the deceased into the partnership by mutually
consent.

18. RETIREMENT : THAT any partner wining to withdraw might do so upon


giving three months' notice in Writing to the other partners, upon expiry
of the notice period, the partnership should stand dissolved so far as the
outgoing partner is concerned. The remaining partners shall remain
entitled to run the business either by himself or by admitting new
partner or partners after remitting the dues of the retiring partner.

19. GOODWILL: THAT at the termination of the partnership or at the


retirement of a partner the goodwill of the partnership should be valued
by the mutual consent.

20. NOTICE: THAT any notice required to be given to any of the said
partners should be sufficiently given by learning the same address to
him at the principal place of the business of firm or by sending the same
to his usual or best known place or places domicile.

THAT any other matter not hereinbefore set out should he governed under the
provisions of Indian Partnership Act, or any other law for the time being in
force.

IN WITNESSES WHEREOF the parties hereto put their signature signed on this
presents on this day, month and year first above written:

SIGNED AND DELIVERED

In the presence of 1
WITNESSES:

1.

SIGNATURE OF THE FIRST PARTY

2.

SIGNATURE OF THE SECOND PARTY

Drafted by me

Advocate

You might also like