PARTNERSHIP DEED
This DEED OF PARTNERSHIP is made on this 01st Day of May, 2016 between the following parties-
1. Mr. Ram Kumar Agrawal S/o Shri Suresh Agrawal R/o Parikrma Marg, Vrindavan, Uttar Pradesh-281121 (Hereinafter be referred as the First Party)
2. Mr. Gopal Agrawal S/o Shri Suresh Agrawal R/o Parikrma Marg, Vrindavan, Uttar Pradesh-281121 (Hereinafter be referred as (Hereinafter be referred as the Second Party)
WHEREAS the aforesaid parties have decided to commence business of purchase and sale of land, building and property, developing lands and property, construction of building & apartments for residential / commercial purpose, to enter into agreements with other parties / firms / companies for construction and collaboration and to do all related business of real estate under the name and style of M/s Agrawal Properties.
AND NOW WHEREAS all the parties of this deed are desirous to have written indenture of partnership incorporating therein the various terms & conditions of partnership as settled between them so as to avoid any possible confusion/dispute in future.
NOW THIS DEED OF PARTNERSHIP WITNESSES AS UNDER –
1. That the parties hereto shall work jointly in partnership for carrying on the business of purchase and sale of land, developing lands and property, construction of building & apartments for residential / commercial purpose, to enter into agreements with other parties / firms / companies for construction and collaboration and to do all related business of real estate.
2. That the business shall be carried on under the name & style of M/s Agrawal Properties.
3. That the head office & principal place of business of the firm shall be at Parikrma Marg, Vrindavan, Mathura (UP)-281121. The firm can carry on its business at any other place/places with the consent of all the partners.
4. That the capital of the firm as well as further funds required for the purpose of the business shall be contributed or arranged by the partners as may be mutually agreed upon by and between the partners from time to time.
5. Interest @ 12% P.A. or as may be prescribed U/S 40 (b) (iv) of the Income Tax Assessment of the partnership firm for assessment period shall be payable to the partners on the amount standing to the Credit Balance of the Capital Account of the respective partner. In case of a loss in any financial year, the interest of partner’s capital may be reduced to lower rate or may be taken as NIL. Such interest shall be calculated and credited to the accounts of each partner at the close of the accounting year.
6. That all the partners of the firm shall actively engage in conducting the affairs of the business of the firm as working partner. It is hereby agreed that in consideration of being the working partner of the firm, all the partners of the firm shall be entitled to take remuneration as may be prescribed US 40 (b) (v) of the Income Tax Act, 1961 or any other applicable provisions as may be force in the Income Tax Assessment of the partnership firm for the assessment period shall be payable to the partners. Such remuneration shall be calculated and credited to the accounts of each partner in their respective profit sharing ratios at the close of the accounting year.
7. That net profit / loss of the partnership firm as per account maintained by the firm after deduction of all expenses relating to business of partnership firm including interest and remuneration payable to partners in accordance with the clause of deed of partnership shall be divided and distributed among the partners on the close of accounting year in the following proportion:
(a) Ram Kumar Agrawal (First Party) 50 %
(b) Gopal Agrawal (Second party) 50 %
8. That bank account/accounts in the name of the firm shall be opened in bank/banks, which shall be operated by anyone, subject to any instruction as may be given at any time in future to the bankers by the partners of the firm.
9. That the partnership shall be deemed to have come into existence w.e.f. 1st Day of May, 2016 and shall continue to be in force unless terminated by mutual agreement or consent by virtue of any other provisions herein contain in that behalf.
10. That the partnership hereby formed is a partnership “AT WILL”.
11. That proper book of accounts of the partnership firm shall be regularly maintained in the ordinary course of business at the firm’s place of business and every partner of the firm will have a right to see the books of accounts of the firm.
12. That the first accounting year of the firm shall be started from 01st Day of May, 2016 to 31st March 2017 and thereafter from 1st April to 31st march every year.
13. That none of the partners, without written consent of all the other partners shall:
(a) Assign, mortgage or charge his/her share in the assets of the firm.
(b) Lend money belonging to the firm.
(c) Except in the ordinary course of the business, dispose of by pledge, sale or otherwise any partnership property or profits.
14. That all partners have entered into this partnership in their individual capacity.
15. The parties may borrow money for the business of the firm in the name of partnership firm from any person, bank, firm, company, financial institutions, Co-Operative Society, Govt. or Semi Govt. Institutions on such terms and conditions and at such rate of interest as may be mutually agreed upon.
16. That parties shall be at liberty to carry on their private business individually or in partnership with any other person at their own risk and liability and the firm shall have no concern with such business of the party.
17. That in the case of dissolution of the firm or retirement of any partner from the firm all the assets and liabilities of the firm shall be valued at the market value at the time.
18. No new partners shall without the consent of the other partners be admitted in this partnership business. However new partner can be admitted with mutual consent of all the partners.
19. That in case of death of any party to this deed, the partnership firm shall not dissolve, instead the same shall be carried on by taking legal heirs of the deceased in to partnership.
20. That in case of any dispute arising among the parties of this deed; the disputed matters shall be solved by the arbitration. The decision of arbitrator shall be binding to all the parties of this deed.
21. That the provisions of the Indian Partnership Act, 1932, shall apply as regards the matters which are not expressly provided for herein above.
22. That the terms of this partnership deed may be altered, added to cancelled by the written consent of all the parties to this deed.
23. That the partnership deed is being written on the stamp papers of Rs. 750/- in the seven folios of Rs. 100.00 each and one folio of Rs. 50.00. To bind the parties and their legal heirs and successors, the parties hereto have signed in the presence of witnesses on the day and year above mentioned. Witness
Signatures
1. Partner One 2. Partner Two
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