Scribd
Upload
12 views6 pages

Partnership Deed for Santa Kumar Maity

This Deed of Partnership, executed on December 1, 2023, establishes a partnership between Basanta Kumar Maity, Rinasri Maity, and Rahul Maity for the business of Contract Work and General Order Supply. The initial capital is set at Rs. 10,00,000, with profit sharing ratios defined, and the partnership can be dissolved mutually or upon retirement of a partner. The document outlines responsibilities, remuneration, and procedures for managing the partnership's affairs.

Uploaded by

Purnendu Maity
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
12 views6 pages

Partnership Deed for Santa Kumar Maity

This Deed of Partnership, executed on December 1, 2023, establishes a partnership between Basanta Kumar Maity, Rinasri Maity, and Rahul Maity for the business of Contract Work and General Order Supply. The initial capital is set at Rs. 10,00,000, with profit sharing ratios defined, and the partnership can be dissolved mutually or upon retirement of a partner. The document outlines responsibilities, remuneration, and procedures for managing the partnership's affairs.

Uploaded by

Purnendu Maity
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

1

DEED OF PARTNERSHIP

THI8 DEED OF PA RTNERSHIP is executed on this the I" day of December, 2023.

BETWEEN

SANTA UMAR Y aged alxiut 53 yeara, S/o- Sayambhaamany Marty.


ing at- Kanpur, PO-Balisai, PS-Ramnagar, Dist.- Piirba Medinipur, Pin-721423
by patron business, by caste Hindu, hereinafter called the PARTY OF THE
PIRST T(Which term or expression shall mean and include his heirs,
successors, resentatives and/or administrators).

fi RINABRI MAITY, aged about 40 yeafs, WJo- Basanta Kumar Marty, residing ml-
Kanpur, PO-Balisai, PS-Ramnagar, Dist.- Purba Medinipur, Pin-721423 by
occupation business, by caste Hindu, hereinaAer called tire PARTY OF THE
SECOND PART(Which term or expression shall mean and include her heirs,
successor,
administrators).
Pnge : 2

IIIA LAITY, aged about 19 years, S/o- Basanta Kumar Maity, residing at-
Kanpur, alisai, PS-Ramnagar, Dist,- Pur6a Medinipur, Pin-721423, by caste
Hindu, after called the PARTY OF THE THIRD PART(Which term or
expression shall and include his heirs, successors, mpresentatives and/or
administrators)

the First part hereinafter, who lus In ping on the business of


Contract Work & General Order Supply as sole proprietor for a long time by
apphcation and utilisation with highest level of honesty integrity and qualitative
management tgider thu trade name of “BASADTA ¥iUJViAR EAU’ having its
principle place of business at-
I Kanpur, PO-B&isai, PS-Ramfiagar, Dist.• Purba Medinipur, Pin-721423,

Contd. P/3

x.
AND WHEltEAS to increase. vtilumñ of business, requiring it8l
manpov'cr the of the first part hereto desimd tc oak on thg 'sat with the
«ombingd capital with other parts by transforming his sole propria business into a
partnership firm and hence the first part, Basanfa Kumar Maits. approached the second
part, Rinasri Maity, third part Rahul M8itY to join .as partners in th« said business to run
the business morc smoothly and the party of It\c second pad & third part accept tks
[Link] of the first part.

AND WHEREAS pmprietsry finn 'BA SANTA KUMAR SAI TY’ continue its business by
c8rry all rights, credentials, goodwill eic. i‹› this partnership firm.

WHEREAfi in order io avoid any future ditfèrenceS..and / or disputes whiéh may crop up
and between the parties during normal nurse of business and for othur good in
reasons the
.smooth runniñg. of the business the parties hcreto desire and egrue tu put on record
following terms and conditions:-
NOW TI-IIS fMDENTURE WITNESSETH AS POLLOWS :—

NATURE OI hat the parties hereto shall work jointly in the pariiieiship
[Link] for carrying on business:of [Link] Work di. general Order
Supply and other allied business as may be suitable or
profitable for the parznership [Link].

OMMENCEMELT that .this DeeJ df Partnership skctl be Deemed tn


have OF BUSINESS commenced uo and from I" day oT t3ccembcl' ’2D23.

TRADE ”NAME & ”I”hat the business of partnersfiip shall bc. carried ön
under OFF[C ADDRESS name of style of “BA SANTA KUMAR
MAITY* having its principal place öf business at— Kanpur, PO-Balissi, Î'S-
Ramnagar, Dist.- Purba Medinipur, Pin-721423.
4.. CAP12'AL ÖF THE 3fiat the initial éapitôl of the firm Shall be' Rs.
£'lRM
1ll;00,000/- ( Rupees Ten Lakhs ortTy), wiith is conlributed
by the partners as foliuws:-
i. Hasanta Kumer Maity(1" Pan) Rs. 3,00,000.00.
2. itinasri Maity (2'“ Part)
3. Rahul Maity

l0,00,0tJ0.00
Provided ihat if further capital he rcquircd for the purpcxe uFthe busincss ‹›f the firm it •’ill ”
t n0ibutcd fry them wilh their mutual consent. p
Ô• SHARE OU” PRUF[T ”l”haî the prufit & Losses of the h
/ LOSS shared by the parties as follows .- ‘shell

’ 1. Basantn Kumar Maity ( 1"


5 1.00%
Part)

2. R inas'ri Maily
(2“ Part) 25.00°/
3. Rahul Maity
(3* Pnrt) 24.00%
TOt8l....................100. O0%

6. PAR'l NERS That the [›aztners aru all working gartngrs as the}' arc
a) REMtJNERATION active{y engaged in conduit ing the day t‹i day aflâirs of
the business OF the firm and as such lhe}' are entitled to get
the reinuneration, by way of salary for rcnderins their
services to the business où 1h« firm as por [.'î . Act and
ruics and s ich
080h [›a shall be paid a saÏa où Rs. 25,000/- ( Ru s
Twenty Five thoùsand only ) per month. Or salary should
be distributed cqually as total la /remuneration al1owed
for decÎuciion as par section 40(b) ‹›f the încome Ta'x Act
196s .

INTER EST ON ”! a’ *he ^P’ ! stan*ing to the cm8!t of the capital account#
CAPI'f AL où the partners in the Books où Accuunts should deemcd ta
be the opcning capital of the firm. The partflers may charge
the maximum rate of‘ interest 12% per annuité on the
capital for

lncome Fax Aci, i 961.


lt is lïirtfier provided that sharc of pmfit or loss of the firm which îs disiributed
between the pariners in terme of the rütio provided hereio the deod, shalÎ be ascertnined
aTt0r charging the above mmuneratiorv’ interest payable to the partners.

7. 'l'hat there shall be the bank uccount/s in various nature in thc name ot partnership
firm. f he same shall opened iil any nanonaIiscd thank/s or in any Co-operative
Dank/s or any Private Oank/s and inc Bank Account/s shaw1 be operated by any one of
the First part Basanta Kumar Maity & Second pañ Rinasri Maitv.

Contd P/5
the buoks of accounts SkaîI be maintained wgvlarly w ”s a Ł be kept at the
p incipaI place of the business and would be open tòr ir*^pectiön at all
reasonàble time to the parłies or their reprcsêntatives who will be free to take
copies thereof. 'the AcGoltnts of the partnership business sealI be closed annualiy on
31" day of March,
:8*9/ Ț80z i.e. Lhe Accounting year of the fit shall be April to March. The profit
the stipulated period
of thIog months ur extended time wiïh ßmi«śai ćO0KN hïOm İhe closing of the
Account aRer makirtg alÏ [Link]łc. pruviśions fur taxation or other outgoing as
ğovemżd by thč fiscal laws.

9. Theț the parties hereto grç authorised to Ł8iśe 1oan from the Benk./ Banks, private
financiers, or from Co-operalive ho4ies or í3aflks whereverdeemed expedient for the
purpose of the 6usiness. öf thc. fir ri and like said IONS will be ur'd nnly for the
bensfii the firm ahd no such amount 19 to be uscü for the pøy øp| @øęȘt

0. at none of the parties without the wriften consent of oiher partner shall —
ign, mortgąge or charge his/her shale in the asset of the firm,
d money beïonging to the film,
ept in the ordinary course of the business dispose of the pleúge, sale or. othemise
partnership asset or profit.

0 wzs
i cvey,paroier has Entered IB* e partnership in the. individual capacity and shaI)-
ca onbusn ssof the firm to the greatest common advantages,
b) be just and fãithful to thc othez pBrtncrs and render a me a»d full information afÏectiny
the firm to the other partners or their legal representatives,
*J Pa›’ hislher separate debts relating łõ ńis set
the othčr partner and the partnership asnets

12. That arty partner can retire from żht• ùrm by giving. at l0art three months prior nnticc
and h0 /she will not be entitied to an} sharc of goodwill. Hislher account will bc s łtjeȘ
is per tuiance outstandinj in the capiłal account and after making necessa
adjusłmsnt Air prufit or losses u/hich will be due as on the date of his retirement.
13. That on the *^•I part e' fiiWor legal heirs, nominees, as ig»ś ör representatives
death
be entitled tô bœom8 a partner b}' distributing equal share on the
S8r e terms and
@nditions as of the deceased.

C0ntò P/6
Pvc 6

14, Tltat the' pzrlneiship. is at will aed cafi be dissolved as ' 6y the
partners hcréto mutually. In'.the. event of dissolution of ice firm the. ne assei
whatsoever available aiter meeting all business liabilities included ïcien shall &
, disLributcd among the partners in proportion to Ïheir profit sharing ratios.
15. That in the event ofdisputcs or differences and opinion in the matter of
interpretation, execuiiort of carrying out the object and function of the enterpriw
the arbitrator or arbitrators appointsd ar»un8st ‹1 <rnsclves appoint an ufnpire. The
dccisions of 1 arbitrary would bë binding on the parties io lhè dispute. In the event of
any diiTewnces amongst them the d%ision of the. umpire would be final and binding
upon all ioncems.
16. That any one of the partners is empowerëd to deal with any Govt. Deptt, Publfc
Authorities or otbêr parties and io do ali for End on behalf of the tifm as he/she
decms no°es ary for the ruim si of the i:rm.

7'hat and' one ot the partners is tn rcprcscnt the fire,. tö 0xe¢ute: sign an
aulhorised
agreement in thc matter of business with .rij firm., Govt. Depa›1ment and / pr an
rivatc or pdblic sector company foi and on behalf of the firm and to reccive
urchâse/work order / supply order to participate in any negotiation and to receive
yment by cheque, ¢arh or otherwisü end grant rcc0ipts af›d other valid discharge for

C2t the provision of the INDIAN f'ARTNERSH[P ACT, 1932 shall apply as regar4s to
the matters which aze not provided for here in-abovo
lN WITNESSFTH WHERE HP the parties of these presents set and subwr:bed
rcspective händs, maïs and sign8turc on. [Link], inonth, and year first aböv¢ written

1.. .. ...... 1. DA$ANTA K t JMAR MAl TY

2.... ...-.. . . 2 RFNA?RI ITY


" (2' Part)

3 RAIII JL MAI Y ’’ “
(3. Part)

Common questions

Powered by AI

The primary conditions outlined in the partnership deed to ensure smooth business operations include: agreeing to record the terms to avoid future disputes among partners, sharing profits and losses as specified, remuneration for active partners, allowing partners to charge a maximum interest rate of 12% on their capital, maintaining and auditing the business accounts regularly, requiring mutual consent for further capital requirements, and fostering cooperation and dispute resolution among partners .

Mutual consent is pivotal in the partnership's decision-making processes, as seen in capital augmentation and policy alterations. This cooperative requirement ensures that all partners are aligned with strategic decisions, fostering consensus and shared responsibility in steering the firm's direction .

The partnership agreement allows for further capital requirements to be fulfilled with the mutual consent of the partners. This collaborative approach ensures that any additional capital introduced into the business is agreed upon by all parties, preventing unilateral decisions that could affect the partnership's financial stability .

A partner can retire from the firm by providing at least three months prior notice. The retiring partner is not entitled to any share of goodwill. Their account will be settled based on their capital account, with necessary adjustments made for profits or losses due as of the retirement date .

The partnership deed specifies that accounts must be maintained regularly and audited annually, with the books closing on March 31 each year. These accounts should be open for inspection by any partner or their representatives at all reasonable times, allowing transparency and accountability within the partnership .

The partnership agreement empowers any of the partners to engage with government departments, public authorities, or other external entities necessary for conducting business. They are authorized to represent the firm, execute and sign agreements, receive orders, and manage payments, which grants flexibility and agility in handling external business interactions .

The partnership restricts any party from assigning, mortgaging, or transferring their share in the firm's assets without written consent from other partners. Additionally, any changes affecting the firm's ownership must be managed collectively to prevent unauthorized transactions or asset mismanagement, ensuring collective decision-making regarding major changes .

The partnership agreement specifies that profits and losses will be shared among the partners as follows: Basanta Kumar Maity receives 51.00%, Rinasri Maity receives 25.00%, and Rahul Maity receives 24.00%. This allocation reflects each partner's participation and responsibility levels within the firm .

The partnership agreement includes mechanisms for handling disputes, emphasizing arbitration. Arbitrators are to be appointed among partners, and an umpire is appointed if there are differences. The decisions of the arbitrator or umpire are binding on the parties involved, aiming to resolve conflicts internally and efficiently .

The partnership deed allows legal heirs or representatives of a deceased partner to become partners, maintaining continuity. However, the partnership can also be dissolved by mutual consent among remaining partners. This dual approach balances continuity with flexibility, allowing the business to adapt post any partner's demise .

You might also like