Partnership Deed
Partnership Deed
Partnership Deed
This deed of partnership is made and entered in to at Noida on this 21st Day of
June 2021 by and between:
Mr. Rahul Kumar (Aadhar# 4697 1854 9928, PAN# EOKPK7485F) aged 24 years
S/o Mr. Tej Pal Singh R/O: H. No.-E-112, Street No.-3, Rama Bai Mohalla, johri
Pur, North East Delhi-110094 (hereinafter referred to as First Partner)
And
Mr. Ajay Pradhan (Aadhar Card# 2474 5171 4443, PAN# EWCPP8952E) aged 24
years S/o Mr. Jasobanta Pradhan, R/O: H. No.- D-1/6, Kh. No.-11/12, Gali No.-1,
Maa Rama Bay Mohalla, Johripur, Karawal Nagar, North East Delhi - 110094
(hereinafter referred to as Second Partner)
Herein both of them called “PARTNERS”. Both partners are adult and sound mind.
Whereas the Partners referred to herein above have mutually agreed to run and
carry on a Partnership business of Digital Marketing under the name and style as
“M/S ZENEC INDUSTRY” (hereinafter referred to as Firm).
And whereas the parties here to have deemed it expedient to reduce in to writing
and are desirous of recording the terms and conditions here in after expressed.
2) BUSINESS ACTIVITY
The partnership business shall be that of Flour Trading and
Manufacturing.
3) PLACE OF BUSINESS
The Principal place of the Firm is situated at “C/o Brajveer Singh S/o Sh.
Khem Chand Singh, B-20/25, G/F, Kh. No.-14/21/2, Gali No.-2, Kamal
Vihar, Karawal Nagar, Delhi-110094
4) DURATION OF PARTNERSHIP
The duration of partnership will be at will. The partnership firm shall be
deemed to have commenced business on and from 21st June, 2021.
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6) CAPITAL OF THE FIRM
The capital of the partnership firm as and when considered to be necessary
and expedient to carry on the business of partnership shall be contributed
by the Partners in the proportion of profit & loss sharing and time as may be
mutually agreed upon by the partners, initially Rs.5,000/- by each of the
partners and will be entitled to interest at the at the rate of 12% simple
interest per annum on the capital contributed and loans advanced by the
respective partners.
8) REMUNERATION
The Partners shall be treated as Working Partners of the Firm. The Partners
will mutually decide from time to time as to what will be the work to be
undertaken by each of partners and also remuneration payable to them for
the work done by them.
The partners shall withdraw salary, bonus, commission maximum subject to
the following:
On the first Rs.3,00,000/- of book Profit or in case of a loss- 90% of Book
Profit or Rs. 1,50,000/- whichever is more
On the balance of book profit- 60% of Book Profit
9) MANAGEMENT
The First Partner (Rahul Kumar) and The Second Partner (Ajay Pradhan)
both shall be involved in the entire business and in one and all activities of
the partnership firm. Both the partners may mutually decide the future
activities of any partner from time to time.
10) BORROWINGS
The partners of the firm may borrow from time to time after taking consent
from the other partners i.e. from person, firm, companies, or banks, such
money as may be required for the purposes of the business of the firm. The
written consent from both the partners shall be required for the partnership
firm to avail any credit facility from any person, bank or financial institution.
11) ACCOUNTS
The accounts of the partnership firm shall be taken annually on 31 st March
every year. The accounts of the firm shall ordinarily be drawn on mercantile
basis of accounting once every year i.e. on 31 st March and a Balance Sheet
and Profit & Loss account is prepared.
The firm shall regularly maintain in the ordinary course of business, true
and correct accounts of all its transactions, sales, purchases, receipts,
payments, engagements, dealings and also of all its assets and liabilities.
The Books of Accounts shall ordinarily be kept at the firm’s place of business
or any other place as the partners may from time to time agree upon. Each
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Partner shall have access to the books and the right to verify their
correctness.
12) RETIREMENT
If any Partner shall at anytime during the subsistence of partnership, be
desirous of retiring from the firm, it shall be competent from his to do so,
provided he shall give at least Two Month’s prior Notice of his intention of
doing so. The remaining partners shall pay to the retiring partner or his legal
representatives, the purchase money of his share in the assets of the firm
and if any amount receivable from retiring partner, will be paid by the
retiring partner to the firm.
16) ARBITRATION
If any disputes shall arise between the partners hereto in respect of the
conduct of the business of the partnership or the enforcement of any of the
terms and condition of the deed or in respect of any other matter because of
things what so ever to here in other wise provided for adjudication to the
arbitration Act 1940 by any arbitrator mutually decided whose decision shall
be binding on the partners and their legal representatives and in case if
unresolved then as decided by courts at Noida under the Partnership Act
1932.
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17) MODIFICATION/ALTERATION OF DEED
Not with standing anything stated or provided herein the parties shall have
full power and discretion to modify alter or varies the terms and conditions
with mutual consent which shall be reduced to in writing shall become
appendices and part of this deed.
18) MISCELLEANEOUS
The personal assets, bank accounts of the partners are not attached
to this Partnership Firm or any debt arising out of this Partnership
Firm, both the partners shall keep each other indemnified for the
same always.
The Partnership firm shall not be responsible for any personal debt of
the partners.
In all respects other than those provided from here in this partnership
shall be governed by Indian partnership Act 1932.
Any notice here by required to be given to any of partners be
sufficiently given by the same addressed to him at the firm address by
sending the same by registered post / Courier to his usual or last
known address.
That, all acts, deeds and things shall be done by the partners with
mutual consent of both the partners. None of them shall be
individually authorized to mortgage, transfer or hypothecation or
encumber the partnership property, stock in trade etc. to any other
person or to borrow any loan or to stand surety on behalf of the
partnership firm without mutual consent of all the partners.
In witness whereof, this deed of partnership is signed sealed and delivered this 28 th
Day of August, 2020 at Noida, Uttar Pradesh:
Witnesses: Partners:
1. Rahul Kumar
(First Partner)
2. Ajay Pradhan
(Second Partner)
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