after a long wait we are uploading here PARTNERSHIP DEED
PARTNERSHIP DEED
THIS DEED OF PARTNERSHIP is made and entered on the______________________, between MR._______________ adult Indian Inhabitant,
age ____ years residing at ___________________________________,hereinafter
referred to as the party of the FIRST PART ( Which expression shall unless
otherwise so expressed mean and include her respective heirs, executors,
administrators and assigns).and;
________________, an Adult, Indian Inhabitant, Age _____ years, having address at______________________,hereinafter referred to as the party of the SECOND PART ( Which expression shall unless otherwise so expressed mean and include his respective heirs, executors, administrators and assigns).and;
NOW THIS INDENTURE WITNESSETH that is hereby mutually agreed and the parties hereto have become partners upon the terms and conditions.
COMMENCEMENT DATE
That the
partnership constituted between the parties shall be deemed to have been
commenced from _____________
NAME OF THE PARTNERSHIP FIRM
The
business of the partnership firm shall be carried on and conducted under the
name & style of ________________
PRINCIPAL PLACE
OF BUSINESS
The
partnership business be carried on at ________________________________or any other place or
places as the partners may mutually decide from time to time.
NATURE OF
BUSINESS
The
business of the said partnership shall be that Film, Web Series, TV Serial,
Documentary, Digital works, OTT, Music, Albums, Youtube Channel, Film Release,
Film Distribution, Celebrity Management, Event, and Media Related all works and/or such other
business as may be mutually decided in partnership
DURATION
The
partnership shall be “AT WILL” “Death”, retirement or insolvency or any of the
partners shall not dissolve the partnership firm as to the surviving or
continuing partners. The partners who desirous of retiring from the partnership
shall be entitled to retire by giving three month notice to the partners of his
intention to retire and at the expiration of the said notice the partnership
will be determined accordingly.
BANKERS
The partnership firm
will open one or more Bank Account/s in the name of the firm and all such
account/s shall be operated by the signatures of all the partners or in such
other manner as may be mutually decided by all the partners in writing.
The firm
may borrow money from time to time from individuals, firms, Companies, banks or
any other sources as may be required for the purpose of the business by way of
loans or deposits with or without security at agreed rate of interest.
CAPITAL
FIXED CAPITAL: The Fixed Capital shall be Rs. 1,00,000/-
(Rupees OneLacs Only) which the partners shall bring in their profit sharing
ratio towards its contribution in the Fixed Capital. The partners shall not be
entitled to get any interest on the fixed capital amount.
The capital
of the partnership business which may be brought by the partners and the same
shall be credited to their capital account. The simple interest @ 12 % p.a. or
such lower/higher rate as may be prescribed Under Income Tax Act, 1961 shall be payable by the
partnership firm on the amount standing to the credit of the capital and/or
current or loan account of the partners. The partners shall be at liberty to
increase or reduced the above said rate of interest from time to time. The
partners may be agree by mutual consent to waive or reduce the rate of interest payable to them in
respect of their capital, current and/or loan account in the case of losses or
of small profits or because of difficult financial position of business of the
firm. If there is any debit balance in the account of any partners, interest at
the above rate shall be payable by him. The partner shall be at liberty to
reduce the above said rate of interest from time to time.
REMUNERATION
That all partners will be working partners and shall be entitled to salary. The quantum of such salary will be as under which shall be shared equally and will be credited to the account of the partners concern. All the partners hereto have agreed that the maximum salary will be the salary allowable to the partners under the provision of the Income Tax Act, 1961. The partners may withdraw on this account such agreed sum from time to time. Partners may agree by mutual consent to waive or reduced the quantum of salary in case of loss or inadequate profit.
ACCOUNTING
YEAR
The
accounting year of the firm shall be financial year ending on 31st
March, & the accounts of the firm shall be closed every 31st
March, for the purpose of arriving at the net profit or loss and the assets
& liabilities of the firm.
SHARE IN PROFIT
AND LOSS
The net
profit and losses in the partnership business shall be divided amongst the
partners in the proportions given
below.
SN. NAME OF THE PARTNERS SHARE OF PROFIT/LOSS
I
BOOKS OF ACCOUNTS
Proper
books of account shall be kept in respect of business of the firm and all such
books of accounts together with papers, documents or writings concerning or
belonging to the partnership shall be kept at ___________________________________________________the registered office of
the firm. Each partner shall have at responsible times free access to and the
right of inspecting and examining the same and to make such extracts as he may
deem fir himself or by his authorised agent.
If any partner expires during the continuance
of the partnership and if heirs of such deceased partner express /es
his /her/ desire to become a partner , he /she shall be taken as
substitute of the deceased partner on
the terms and conditions as may be mutually agreed upon at the time.
Each
Partner shall :
a. Punctually pay his/her
separate debts and indemnify other partners and the assets of the firm against the
same and all the expenses or losses on account thereof.
b. Forthwith pay all moneys
and cheques and negotiable instruments received by him / her on account of the
firm in to the bank account of the firm.
c. be just and faithful to
the others at all the time and give to the others all information and truthful
explanation of the matter relating to the affairs of the Partnership in the
business of their mutual advantage.
The Partnership firm shall indemnify
each partner in respect of payments made and liability incurred by him / her in
the proper conduct of the business and
in doing any act in emergency for the purpose of protecting the firm loss such
as could be done by person of ordinary prudence in his /her own case. Each partner shall indemnify the firm for
any loss caused to it by fraud or wilful neglect in doing the business of the
firm from all actions proceedings costs, actions and demands whatsoever in
respect of his / her separate debts.
All disputes whatsoever which shall
either during the partnership or after the termination thereof
,arise between the partners or the respective representatives of the
other partners touching theses presents on
construction or application thereof or any value or thing herein
contained or any account ,valuation
dividend , debts or liabilities to be made hereunder or as to any act ,
deed , or commission of any partner or
as to any other matter or the rights , duties or liabilities or any persons
under these presents shall be referred
to arbitrators one to be appointed by
each party to the difference in accordance with and subject to the provisions of the Indian Arbitrations Act ,
1940 or any statutory modification or re-enactment
there of for the time being in force and the award/s of such arbitrator or the
umpire as the case may be binding on all
the parties to the disputes.
Notwithstanding anything obtaining
and stated or provided herein the partners shall have full powers and
discretion to rectify alter and verify the terms and conditions of this partnership
firm in any manner whatsoever they think fir by mutual agreement which shall be
reduced to writing and be signed by all
the partners and thereupon the said writing shall become appendage and
form part of the deed.
IN WITNESS WHEREOF THE parties hereto have set and subscribed their respective hands the day and the year first hereinabove written.
1. SIGNED, SEALED AND DELIVERED BY
thewithinnamed
The party of the FIRST PART,also called as
CONTINUING PARTNER
In presence of ………………………………..
2. SIGNED, SEALED AND DELIVERED BY
thewithinnamed
The party of the SECOND PART,also called as
CONTINUING PARTNER
In presence of ………………………………..
