DEED OF PARTNERSHIP

THIS DEED OF PARTNERSHIP is made this th

day of December, 2019

BETWEEN

MD IBRAR son of Late Nizamuddin residing at Manberia, P.O.- Barakar, P.S.-

Kulti, Dist.- Paschim Burdwan(W.B.), hereinafter referred to as the First Party (which
expression shall, unless otherwise required, repugnant to or inconsistent with the
context, be deemed to mean and include his heirs, assigns, executors and legal
representatives) of the ONE PART.

Contd……….P/2
 =2=

AND

WASI son of Md Israil Ansari, residing at Manberia, P.O.- Barakar P.S.- Kulti, Dist.-
Paschim Burdwan(W.B.), hereinafter referred to as the Second Party (which
expression shall, unless otherwise required, repugnant to or inconsistent with the
context, be deemed to mean and include his heirs, assigns, executors and legal
representatives) of the OTHER PART.

Contd……..P/3

=3=
WHEREAS the First Party and the Second Party being the resident of the same
locality, are well acquainted with each other for a pretty long and both of them are
associated with the business of all kind of Electronics goods.
AND WHEREAS in order to run such a business jointly and conveniently both the
parties decided to form a partnership between them.
AND WHEREAS the 1st party is the tenant and occupier of a shop room being
situated at Bus stand Barakar, in ground floor, east facing, under the name and style of
M/S. BABA ELECTRONICS and wherein the 1st party is running his business of
electronics goods as well as the 1st party is a expert mechanic ofor repairing of almost
all type of electronic goods and items and due to his financial stringency he is unable
to run his business smoothly and in search of a partner who will invest capital/money
in the aforesaid business.
AND WHEREAS the 2nd party is agreed to join with 1 st party in above mentioned
business and to avoid any future dispute between them over the said business of
partnership and to determine the mode of partnership both the parties decided to enter
into this agreement on the following terms and conditions.
NOW THIS DEED WITNESSETH AND THE PARTIES HEREBY AGREE AS
FOLLOWS:

1. The parties hereto shall carry on business in co-partnership as all kind of ELECTRONIS

GOOD under the name and style of “M/S. BABA ELECTRONICS” at Bus stand, P.O.-
Barakar, P.S.- Kulti,, Distt.- Paschim Burdwan(W.B.) with effect from today until the
expiration of 1 months’ notice in writing to determine the partnership left by either
party for the other at the place of business of the firm, at any time subject to the terms
and conditions hereunder contained and subject to such change in the constitution of
the firm, if any, hereafter effected by addition, withdrawal, retirement or expulsion of
partner or partners.

2. The Partnership shall be “PARTNERSHIP AT WILL” and any partner shall be at

liberty to retire from the partnership by giving 1 month’s (30 day’s) clear notice in
writing to other partner of his intention to retire, subject to finalization of account.

Contd……..P/4
 =4=

3. The name of the firm shall be “ M/S. BABA ELECTRONICS” and the same may be
changed hereafter into some other name as desired by the partners.

4. That the firm may be registered under the provisions of Indian Partnership Act,
1932 within such period of its formation as the partners may agree to that effect.

5. That the partnership is formed with the object of carrying on the business of all kind

of Electronics goods. However, the partners may agree to carry on such other business or
business which can be lawfully carried on by the firm.

6. The business of the firm shall at present be carried on from the rented shoip room
of first party at Bus stand, P.O Barakar, P.S. Kulti, Distt.- Paschim Burdwan(W.B.)
or such other place or places as the partners may hereafter from time to time
determine.

7. That the 2nd party will only invest the capital which is required for smooth running
of the aforesaid business

8. That the profit of the firm upon the sale of the electronis goods shall be distributed
as Name : MD IBRAR 25%

Name WASI 75%

And in the repairing work of electronics goods shall be distributed in between

partners as . Name : MD IBRAR 50%

Name WASI 50%

15. All the partners shall :-

a) attend diligently to the business of the partnership;

b) carry on the same for the greatest common advantage of the partners;

c) not be, directly or indirectly, engaged or interested in any trade or business

except that of the partnership;

d) be just and faithful to one another and render true account and full information
of all the things affecting the partnership to one another.

Contd……..P/5
 =5=

e) be liable for their separate and private liabilities and the firm or any other
partner of the firm will not be liable/responsible for any such personal liabilities
and debts of the partner.

f. That the 2nd paraty is look after and manage the aforesaid business solely.

g. That the 1st party is at liberty to attend business place as and when he got spare
time.

16. All acts, deeds and things done in good faith by any one partner or partners hereto
either done in his own name or in name of the firm in connection with or in
furtherance of the partnership shall be deemed to have been done by him on behalf of
all the parties hereto.

17. Partners shall punctually pay and discharge their separate debts and liabilities, and
shall indemnify and keep indemnified the firm effectually against the same.

19. The partners shall keep and maintain proper books of account. The books of
account securities, vouchers, etc. shall be kept at the place of the business and be open
to the inspection of each partner or his agent at all reasonable times with power to
take copies.

20. If any of the partner of the firm is found guilty of any misconduct affecting the
firm or other parties/partners, the other partner may notify in writing to such party
who shall make amendment for such misconduct to the satisfaction of the other party
within a reasonable time of such notice, otherwise he shall be retired from the
partnership of the firm and his right and liabilities shall be determined accordingly.

If any partner is disqualified from partnership due to misconduct, the

disqualified partner shall be liable to indemnify the remaining partner to the extent of
loss incurred by the firm by the delinquent partner.

Contd……..P/6
 =6=

21. On the 10th day of March and on that day of every succeeding year, during the
continuance of the partnership, a general account of the preceding year shall be taken
and a just valuation made of all the assets and liabilities of the firm; such general
account shall be audited by such registered accountant as the partners shall from time
to time mutually appoint, and shall be entered in a book and signed by both the
partners, and when so signed, the entries in such book shall be binding on both,
provided that, if within 3 months from the date of the signing of the book any
manifest error shall be found therein, such error, shall be rectified. All profits (after
setting apart an amount equivalent to 10 % thereof as Reserve Fund to meet emergent
expenses) and loss shall be divided as aforesaid after such signature.

22. The firm shall not stand dissolved upon the death of a partner unless there is no
legal and willing heir of the deceased partner to be admitted as a partner and in such
event an assessment of all the assets and liabilities of the firm shall be made as on the
death of the partner and the balance of the capital as well as the profit /loss shall be
paid to the legal heir as per the books of account of the firm and as per assessment
made and upon dissolution in other cases it shall be wound up and the assets and
liabilities shall be dealt with in accordance with the provisions of the Indian
Partnership Act,1932.

23. If any partner infringes any one of the clauses hereunder or becomes insane, or is
adjudicated an insolvent, the other partner may forthwith determine the partnership by
notice in writing, and may thenceforth continue the business alone and may publish
notice of the dissolution in the local Official Gazette and in local vernacular
newspaper.

24. On the dissolution of the firm the parties hereto shall cause a full and accurate
inventory to be prepared of the affairs of the partnership taking into account all
assets, liabilities existing or contingent as well as the goodwill of the partnership,

Contd……..P/7
 =7=

losses including deficiencies of capital, be paid first out of profits, next out of capital
and lastly, if necessary by parties individually in proportions to which they are
entitled to share profit/loss. The asset of the firm including any contribution by the
parties to make up deficiencies of capital shall be applied in the following manner and
order

a) in paying the debts of the firm to the third parties;

b) in paying to each partner ratably what is due to him from the firm for advances as
distinguished from capital;

c) the residue, if any shall be divided amongst the partners in the proportions in
which they are entitled to share profits.

25. Notwithstanding anything stated or provided herein, the partners shall have full
rights and discretion to modify and/or alter or vary the terms and conditions of this
partnership deed in any manner whatsoever they think fit and proper arriving out of
mutual agreement.

26. The matters not specifically provided in this deed, unless otherwise mutually
decided in writing by the partners to this agreement shall be governed by the
provisions of Indian Partnership Act,1932.

27. No partner is empowered to execute any power of attorney in favour of any person
in his individual capacity so as to delegate his job or power to be exercised as being a
partner to such agent without written consent of the other partner.

28. The electricity bill, telephone bill or any other overhead expenses that may accrue
on due course of functioning of the firm shall be borne by the firm.

29. All notices required to be given to either partner hereunder shall be deemed to be
duly served if addressed to such partner at the office of the firm and sent by registered
post.

Contd……..P/8
 =8=

30. Any dispute or difference which may arise between the partners or their
representatives, with regard to the construction, meaning and effect of this deed or
any part thereof, or respecting the accounts, profits or losses of the business, or the
rights and liabilities of the partners under this deed, or the dissolution or winding up
of the business, or any other matter relating to the firm, before being dragged to the
court of law, the parties shall try to resolve it by a process of mutual understanding
and in the event such process fails then through the process of law.

We the above partners de hereby agree to all the terms and conditions stated above
without any duress, conversion or undue influence on our own will and after
understanding the terms set in this deed of partnership. We bind our selves, our heirs,
assigns and legal representatives.
IN WITNESS WHEREOF the parties hereto have executed these presents on the
day, month and year first above-written.

WITNESSES
1.

2. Signature of the First Party

Signature of the Second Party

Drafted and prepared by me and
typed in my office and read over
and explained to the parties in
their vernacular language.
A d v o c a t e.
Asansol Court