Partnership Deed - Legal Draft

PARTNERSHIP DEED

THIS DEED OF Partnership made this-------------day of--------------------

200------between X, resident of------------------------ of the ONE PART,

and Y, resident of------------------------ of the SECOND PART and Z,

resident of------------------------------ of the THIRD PART.

NOW THIS DEED WITNESSETH

That it is hereby mutually agreed that the said X, Y, and Z shall become

partners in the trade or business of ------------------------ upon the

following terms and conditions:--

1. The partnership shall commence on the --------------- day of-----------

----200-------- in the name of ------------------ and shall continue

for a period of years, until determined in the manner and upon the

conditions as hereinafter provided.

1. The partnership business shall be that of -----------------------------

-----and such other business or business as the partners may from time

to time unanimously agree upon.

1. The capital of the partnership shall be the sum of Rs -----------------

-- and shall be contributed by the partners in equal shares and shall

belong to the partners in such equal shares.

1. The profits and losses of the business shall be divided and borne by

the partners in equal shares.

1. Neither partner shall directly or indirectly engage in any other

business.

1. Neither partner shall without the consent of the other partner-
2. Assign, mortgage or charge his share in the assets or profits of

the firm.

1. Draw, accept or indorse any bill of exchange or promissory note

on account of the firm.

1. Enter into any bond or become surety for any person or persons

or knowingly cause or suffer to be done anything whereby the

partnership property may be endangered.

1. If either partner commits any criminal offence or any breach this deed

any act which would be a ground for the dissolution of the firm by the

court or any partner becomes physically or mentally unfit to attend

the business, then in any such case, the other partner may within one

month after becoming aware thereof, determine the partnership by

notice in writing and in such case he or any other partner shall have

the option of purchasing the share of the partner committing breach or

default, in the capital and assets of the business.

1. All disputes between the partners or the partners and the

representatives of a deceased partner in relation to any matter

whatsoever touching the partnership affairs or the construction or

interpretation of this agreement, and whether before of after the

determination of the partnership shall be referred to a single

arbitrator to be appointed by and the decision of such arbitrator

shall be final and binding.

IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day

and year first hereinabove written.

Witness:--

1. Sd. X
2. Sd. Y
3. Sd. Z