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Partnership Deed Format of firm for Two Partners

Partnership Deed Format of firm for Two Partners

This Deed of Partnership is executed at _____ on _____ between :-

1-     _____son of _____ resident of _____ (hereinafter referred to as the First Party/First Partner, which expression shall include his heirs, executors, legal representatives, administrators and assignees) of the one part and

AND

2-        _____ son of _____, resident of _____ (hereinafter referred to as the First Party/Second Partner, which expression shall include his heirs, executors, legal representatives, administrators and assignees) of the Other Part.

WHEREAS the parties referred hereinabove wants to carry on a partnership business of _____ Under the name and style of _____, at _____ Under the following terms and conditions set forth herein below :-

1-          That the name and style of the Partnership firm shall be _____, at _____.

2-          That the partnership shall be at Will.

3-          That the business of Partnership shall be carried out at _____ or such other place or places as agreed upon by both the partners.

4-          That the capital of the firm shall be contributed by the partners to this deed or raised through the loan as agreed upon by both the parties.

5-          That the share of the profit and loss of the partnership shall be as follows :-

i)      _____                       __%

ii)     _____                       __%

6-          That both the partners shall operate upon the business account of the firm.

7-          That the first partner _____ will get monthly working salary of _____/- per month.

8-          That the account of the firm shall be closed on _____ day of _____ 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 shall be only _____by the _____ courts.

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

WITNESSES:

1-

2-


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