This Deed of Partnership is executed at _________ on _____ day of _________ between :-
1- ______________ son Shri ___________ 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
2- Shri _____________ son of Shri _____________, resident of village ___________________ (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 M/s ______________, at __________________ Under the following terms and conditions set forth herein below :-
1- That the name and style of the Partnership firm shall be /s ______________, at _____________.
2- That the partnership shall be at Will.
3- That the business of Partnership shall be carried out __________ 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) _____________ 50%
ii) _____________ 50%
6- That both the partners shall operate upon the business account of the firm.
7- That the first partner Mr. ______________ will get monthly working salary of Rs. ___________/- per month.
8- That the account of the firm shall be closed on 31st day of March 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 one 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 3 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 customer of the partnership nor carry on any such type of business similar to that the partnership within the period of 2 years.
11- That if any dispute arising out of this partnership business shall be only triable 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 .
1- First Party/First Partner
2- Second Party/Second Partner.