Partnership Deed

SYMBIOSIS INTERNATIONAL UNIVERSITY,
SCHOOL OF LAW, HYDERABAD
PROJECT ASSIGNMENT
ON
DRAFTING, PLEADING & CONVEYANCING
TOPIC:DRAFTING OF PARTNERSHIP DEED
COURSE TEACHER:
Prof.PANKAJ UMBARKAR
SUBMITTED BY:
NAME: Neha Vashist
ROLLNO. - 15010324312
SEMESTER:9th
PARTNERSHIP DEED
NEHA VASHIST BLOCK NO.12, 2ND STREET

VIVEK VIHAR
(ADVOCATE)
NEW DELHI-110032
__________________________________________________________________________________
THIS DEED OF PARTNERSHIP IS MADE on this 14th day of September, 2019 by

and between,
Mr. Chaman swami R/o Shahdara, New Delhi hereinafter referred to as Party
of the FIRST PART (which expression shall deem and include his heirs, executors,
administrators, representatives, assigns and agents), AND ,
Ms. Meenakshi Vashist R/o Jawala Nagar New Delhi, Party of the SECOND
PART (which expression shall deem and include his heirs, executors, administrators,
representatives, assigns), AND
WHEREAS the above named partners have decided to start the partnership business
of Recruitment Services in the name and style of M/s Big Hit with effect from 30th day
of September, 2019 on the terms and conditions hereinafter mentioned and have
desired to reduce the terms and conditions into writing.
NOW THIS DEED IS WITNESSETH AS FOLLOWS :
1. THAT the PARTIES referred above shall carry on the business of Recruitment Services in
the PARTNERSHIP FIRM under the name and style of M/s Big Hit hereinafter referred to
as the FIRM), But by their mutual consent may start and carry on any other business or
businesses under any other name or names at any other place or places.
2. THAT the business of the PARTNERSHIP pursuant to this DEED of PARTNERSHIP shall
be deemed to have commenced with effect from 30th day of September, 2019.
3. That the capital required for the business of Partnership shall be contributed time to time
by the PARTIES in such manner in all respect as may be agreed to between them and such
capital may be paid interest as may be mutually agreed from time to time at the rate of
rates not exceeding 12% (Twelve Percent) per annum.
4. That all the PARTIES referred above shall be Working Partners and shall attend diligently
to the business of the Partnership and carry on the same for the greatest advantage of the
Firm.
5. That all the WORKING PARTNERS may be paid Salary w.e.f. 3rd day of October, 2019, for
the work of the FIRM as may be agreed mutually from time to time between the PARTIES
in accordance with the provisions of the Income Tax Laws as well as business necessities
and other factors, subject however, that the monthly Salary to each such Partner shall not
exceed as under:
NAME OF WORKING PARTNER MAXIMUM BASIC SALARY NOT TO

EXCEED
a. Mr. Chaman Rs. 12,000/- per month
b. Ms. Meenakshi Rs. 12,000/- per month
6. That all business expenses shall be borne by the FIRM.
7. That the Profits or Losses, as the case may be, of the Partnership business shall be divided
among the Partners as under :
NAME OF WORKING PARTNER SHARE OF PROFIT SHARE OF LOSS
a. Mr. Chaman 50% 50%
b. Ms. Meenakshi 50% 50%
8. That the duration of the PARTNERSHIP shall be at WILL subject to Clause ‘9’.
9. That any Partner may retire from Partnership after giving a notice to the other Partner (s)
of not less than one month in writing and at the expiry of such notice period he shall be
deemed to have retired.
10. Upon mutual understanding, each Partner or his duly authorised agent shall have free
access to the account books of the Partnership and shall be entitled to take copies or extracts
from any or all such books and records of the Partnership Business.
11. That no Partner shall have the right to sell, mortgage or transfer his share of interest
in the FIRM to any one else except to his heir or heirs or any one of the existing Partners
or to their heir (s). In the event of heir (s) selling his/her share to any one else, the existing
Partners shall have a right or pre-emotion in respect of such share (s) sold.
12. That the Partners shall keep or cause to be kept the books of account of the FIRM at
the principal places of its business and make all entries therein, and that all such books of
account kept shall be closed on 31st March every year or in the case of any necessity on any
other date as the Partners may mutually decide.
13. That no Partner shall do any act or thing whereby FIRM or the FIRM property
may be prejudicially effected.
14. That the terms of the Partnership Deed may be altered, added to or cancelled by
the written consent of the Parties to this DEED.That the partners can open the
bank account of the firm, in any bank and bank account shall be operated by the
partners jointly or individually, as the case may be.
15. That the partners shall not take any loan from any person/Financing Company, bank or
any other Govt./Pvt. Department in any case, without the written consent of each other.
16. That in the case of any dispute arising out of this DEED between the Parties of
this DEED, it shall be decided by Arbitration as provided for under the Indian
Arbitration Act.
IN WITNESS WHEREOF the Parties hereto have set and subscribed their
respective hands to these presents the day, month and year first written above.
WITNESSES :
1.
MR. NITEESH
( Party of the First Part )
2. MS. MUSKAN
( Party of the Second Part )

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SYMBIOSIS INTERNATIONAL UNIVERSITY,

SCHOOL OF LAW, HYDERABAD

DRAFTING, PLEADING & CONVEYANCING

TOPIC:DRAFTING OF PARTNERSHIP DEED

NAME: Neha Vashist

NEHA VASHIST BLOCK NO.12, 2ND STREET

THIS DEED OF PARTNERSHIP IS MADE on this 14th day of September, 2019 by

NOW THIS DEED IS WITNESSETH AS FOLLOWS :

NAME OF WORKING PARTNER MAXIMUM BASIC SALARY NOT TO

6. That all business expenses shall be borne by the FIRM.

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