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Format of Deed of Partnership for Firm Restart

Format of Deed of Partnership for Firm Restart

This Deed of Partnership is executed at _____ on this ___ day of __________ between:-

1-    _____ S/o _____ R/o _____. (Hereinafter referred to as the First Party/First Partner, which expression shall include his heirs, executors, legal representatives, administrators and assignees).
2-    _____ S/o _____ R/o _____. (Hereinafter referred to as the Second Party/Second Partner, which expression shall include his heirs, executors, legal representatives, administrators and assignees).
AND
3.    _____ S/o _____ R/o _____. (Hereinafter referred to as the third Party/Third Partner, which expression shall include his heirs, executors, legal representatives, administrators and assignees).
Whereas the parties referred hereinabove wants to carry on a partnership business of ______ under the name and style of ______ , ______.
All three partners were carrying the business of above mentioned partnership earlier also but due to some reasons the above partnership was dissolved on or about________ but the all the again have given their consent to form a new partnership on the following terms and conditions:

1-    That the name and style of the Partnership firm shall be same i.e. ______. However the partners shall be at liberty to change the name of the firm with mutual consent.
2-    That partnership will commence on or above________
3-    That the partnership shall be at Will.
4-    That the business of Partnership shall be carried out at ______ or such other place or places as agreed upon by the partners.
5-    That the capital of the firm shall be contributed by the partners to this deed or raised through the loan as agreed upon by the parties.
6-    That the share of the profit and loss of the partnership shall be shared in equal shares by all three partners i.e. each partner will have 1/3 shares.
7-    That all the three partners shall operate upon the bank account of the firm.
8-    That the account of the firm shall be closed on ______ every year. Immediately after signing the accounts each partner shall be entitled to draw out and receive his share of profit and loss of the business for that year.
9-    That if any partner opts to retire from the partnership business he may give ______ month notice thereof in writing to the other partner. The account of the outgoing partner shall be settled as per the terms and conditions of this deed and the amount of profit and loss shall be paid to him within the period of ______ months from the date of retirement.
10-    That such outgoing partner shall not use the name of the firm and shall not solicit any of the customers of the partnership nor carry on any such type of business similar to that the partnership within the period of ______ years.
11-    That if any dispute arising out of this partnership business then it shall be referred to an arbitrator as per the provisions of the ______.
12-    That no partner shall mortgage, assign or part with his/her share or interest in the partnership business or its properties without the consent of all partners.
13-    All others which shall be deemed necessary shall be settled mutually later on.

In witness whereof both the partners have set their hands on this Partnership Deed at ______ on this day , month and year first mentioned above in the Presence of marginal witness .

First Party/First Partner

Second Party/Second Partner

Third party/ Third Partner

WITNESSES:

1-
2-


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