Deed Of Partnership Deeds Partnership 1800 - Legal Draft

Home Forms View

Category : Deeds Partnership

PARTNERSHIP DEED

THIS DEED OF PARTNERSHIP made at Nasik this __ day of __ 200 5 _

BETWEEN

Shri SBJ, age 31 years, occupation - business, resident of 1100 Shivajinagar, Nasik 411016, hereinafter called the PARTY NUMBER ONE, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the First Part

AND

Shri RMK, age 28 years, occupation - business, resident of 1300 Kasba Peth, Nasik 411011, hereinafter called the PARTY NUMBER TWO, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the Second Part

AND

Shri SKS, age 30 years, occupation - business, resident of 1400 Kasba Peth, Nasik 411011, hereinafter called the PARTY NUMBER THREE, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the Third Part.

WHEREAS the parties hereto are young, energetic, enthusiastic and exuberant youths aspiring for their prosperous future;

AND WHEREAS during the recent past, they have come to grips, developed intimacy and thought of some business to be done by them;

AND WHEREAS the parties hereto have proposed and fervently decided to give a thought to such ideas on their part for finding out a propitious start to their future;

AND WHEREAS the parties hereto have accordingly decided to carry on the business of promoters, developers, builders, contractors and engineers in a partnership;

AND WHEREAS the parties hereto have worked out the terms and conditions of their agreement and also decided to reduce the same into writing;

NOW, THIS DEED WITNESSES, and it is hereby mutually agreed by and between the parties as follows:

1. That the parties hereto do hereby enter into a partnership and constitute themselves into a firm.
2. That the name of the firm shall be M/s Aum Chaitanya Promoters & Builders, and the registered office of the firm shall be at 1300, Kasba Peth, Nasik 411011, or at other place as may be agreed upon and decided by and between the parties.
3. That the objects of the firm shall be :

(a)To purchase and acquire plots of land in and around the city of Nasik or elsewhere as may be mutually agreed upon by the parties;
(b) To execute the schemes of construction of multi-storeyed buildings consisting of residential flats, commercial shops and units to be sold on ownership basis or otherwise;
(c)To acquire and purchase the old structures and buildings for the purpose of constructing new buildings thereon;
(d) To undertake the work of construction of houses, bungalows and buildings on contract basis;
(e) To accept and allot such work of construction from or to some other builders or agencies;
(f) To complete the works of construction undertaken by the firm;
(g) To enter into agreements to sell plots of land, residential flats, commercial shops and units;
(h) To purchase and sell residential flats, commercial shops and units constructed by other builders;
(i) To work as technical and labour consultants for others;
(j) To operate as promoters, developers, builders, engineers and contractors in the field of construction activities,
(k) AND GENERALLY to do any and all other allied business that may be necessary for effectively carrying out the above mentioned objects.
4. That all the parties hereto shall contribute the capital, share the profits and bear the losses equally.
5. That the partnership shall be at will, and any of the partners may retire from the firm by giving a six months notice in writing. However, no existing partner shall retire from the firm unless and until the satisfactory execution and completion of the first project already undertaken by the firm.
6. That the firm may admit new partners only with the unanimous consent and acceptance of all the partners.
7. That the accounting year of the firm shall be according to the financial year commencing on the first day of the month of April in a year and ending on the thirty first day of the month of March of the following year.
8. That the firm may open one or more accounts with the banks as may be agreed upon by and between the parties, and such accounts shall be operated with the joint signatures of any of the two partners.
9. That the parties hereto as the partners of the firm shall be fully conscientious, and they shall jointly and severally take all possible care to see that the tenor of the business of their firm being inchoate should always be smooth and ultimately only profitable.
10. That all the partners shall have perforce to see that during the course of the business of their firm, everyone of them shall keep away from any kind of atrocities and also that the business of the firm should be carried on for the benefit of the firm and ultimately for the promotion of their own welfare, and hence, they shall go the whole hog.

11. That the parties do hereby declare and affirm that during the lifetime of their firm, any of the existing partners may conduct such a business either independently or in partnership with other persons, but that shall not affect or come in the way of the business of the firm.

12. That the parties hereto also hereby declare and affirm that insofar as the firm is concerned, all the transactions shall be in the name of the firm alone, and any private dealing, if indulged into by anyone of them, shall be at the costs and risks of the said individual in his private capacity, and the firm shall neithe r be liable nor has it any concern with such an illegal and unauthorised commitment.

13. That in case of any dispute as regards the working of the firm or interpretation of these presents, the parties hereto do hereby appoint and nominate Shri MLK, 1500 Kasba Peth, Nasik 411011, as their arbitrator and they do hereby further agree and undertake to settle down such issues by him, and the decision given by the said arbitrator shall be final, conclusive and binding on all the partners. IN WITNESS WHEREOF the parties hereto have signed hereunder at Nasik the date first above mentioned.

Sd/- SBJ PARTY NUMBER ONE
Sd/- RMK PARTY NUMBER TWO
Sd/- SKS
PARTY NUMBER THREE Witnesses : 1. 2.
Note : Some more drafts in respect of this Chapter of great importance will follow.