DEED OF PARTNERSHIP

THIS DEED OF PARTNERSHIP IS MADE AT NAVI MUMBAI ON THIS

BETWEEN

1) Ms…………, daughter of MR………., aged ….. years, residing ……….…………….., hereinafter

called THE PARTY OF THE FIRST PART

2) Ms…………, daughter of MR………., aged ….. years, residing ……….…………….., hereinafter

called THE PARTY OF THE SECOND PART

3) Ms…………, daughter of MR………., aged ….. years, residing ……….…………….., hereinafter

called THE PARTY OF THE THIRD PART

All Indian inhabitants, and it being understood that unless it be repugnant to the context or
meaning thereof, a reference to each of the parties shall mean and include reference to their
respective legal heirs, administrators and assigns

WHEREAS the partners have agreed to do the business AND WHEREAS the partners have agreed
to reduce to writing the terms and conditions that should govern their mutual relationship as
partners in said business.

NOW IT IS HEREBY AGREED AND DECLARED BY AND BETWEEN THE PARTIES HERETO that
all of them become partners on the terms and conditions herein after appearing.

NOW THIS DEED WITNESSETH AS FOLLOWS:

1. NAME OF THE PARTNERSHIP :

The partnership business shall be carried on under the name style of “……….”. The parties by
mutual consent may adopt any other name in substitution of or in addition to this name for the
whole or any part of the business

2. ADDRESS OF PARTNERSHIP :

The business of the partnership shall be carried on at or the parties may, by mutual consent,
carry on the business at any other place or places

3. COMMENCEMENT OF THE PARTNERSHIP FIRM :

The partnership will be deemed to have commenced with effect from and will continue until it
is terminated in the manner herein after provided.

4. NATURE OF BUSINESS :

The partnership shall carry on the business as Furniture Manufacturers and Sellers or any other
business as may be mutually decided by the parties from time to time.

5. DURATION OF THE PARTNERSHIP FIRM :

The duration of the partnership shall be AT WILL

6. CAPITAL :

The parties hereto shall contribute the following amount as fixed capital

SR. NO NAME OF PARTNER AMOUNT (RS.)

TOTAL Rs.

The parties shall introduce any such sum or sums toward capital as may be required and agreed
upon from time to time and the same would be credited the current capital account of the
partners. The fixed capital and current capital shall carry interest @12% per annum unless
otherwise agreed upon

7. BANK ACCOUNT :

Partners shall open a bank account with any convenient branch of any bank or banks as may be
mutually agreed upon such bank account or accounts shall be operated with the following
manner

JOINT SIGNATURE OF ALL THE PARTIES

8. MANAGEMENT AND CONTROL :

The management and control of the conduct of affairs of the business shall vest in all the partners
however the partners may appoint any person whom they deem fit to act on their behalf as their
authorised representatives to conduct the affairs of the business

9. SHARING OF PROFITS AND LOSSES :

The profits and losses of the partnership including the profits and losses on the capital account
after debiting the interest on capital and remuneration to partners and crediting the interest on
drawings if any shall be divided between and borne by the partners in the following proportion I.e.

SR. NO NAME OF PARTNER AMOUNT (RS.)

TOTAL

The remaining 25% profits and losses of the partnership including the profits and losses on the
capital account after debiting the interest on capital and remuneration to partners and crediting
the interest on drawings if any shall be transferred to a joint savings account of all the parties. The
said amount will be used only for the purpose of the business.

If any partners want to draw money for their personal use can withdraw with the mutual consent
of all the partners and the said amount withdrawn has to be returned to the account within 3
months post which 12% interest will be charged to the partner who has withdrawn the money for
personal use.

10. ACCOUNTING YEAR :

The accounting year of the partnership shall be the financial year i.e. first day of April to 31st day
of march. Incase of first year of formation of partnership firm books shall be maintained from the
date of formation of partnership and will be closed on march 31st 2019

11. BOOKS OF ACCOUNT :

All necessary and proper books of account shall be kept by the partnership and at the end of
every accounting year, a general account shall be taken of all such assets and liabilities and of
profits and losses of the immediately preceding year such account when adopted by all the
partners shall be biding on them as regards all the matters started therein. However in the event
of any manifest error revealed therein after adoption, such errors shall be duly prettified by mutual
consent.

12. DRAWINGS :

Each partner may draw out of the partnership funds reasonable amounts with mutual consent for
personal expenses such drawings shall be duly adjusted in their respective current accounts
incase the current capital account of either of the partners is heavily overdrawn we shall
endeavour to make good the deficiency expeditiously.

13. REMUNERATION :

It is agreed by and between the parties hereto that the working partners who are devoting their
time and attention in the conduct of affairs of the firm as the circumstances and the need of the
business, shall be paid remuneration at maximum of the following amounts as stated in sub
clause a and b :-

Each partner shall be entitled for the remuneration depending on the earning of the month.

For the purpose of this clause the expression ‘Book Profit’ shall mean the ‘Book Profit’ as defined
in s.40(b) of income tax act, 1961 or any statutory modifications or reenactment thereof for the
time being in force

a. The remuneration payable to the working partners as above shall be credited to their
respective accounts on ascertainment of book profits

b. Each working partner shall be entitled to withdraw certain amounts as maybe mutually agreed
by the partners hereto from time to time against the remuneration and share of profits due to
her.

c. The partnership shall be entitled to increase or reduce the above remuneration the parties
hereto may also agree to revise the mode of calculating the above remuneration and decide to
play salary and grant the benefit of house rent allowance, medical expenses, accident and/or
life insurance policy premium, provident fund, gratuity, bonus, commission on sales/gross
receipts and/or other benefits to the above partner or partners either on monthly or yearly
basis as they may mutually agree upon

d. the partners shall be entitled to modify the above terms relating to remuneration, interest etc.,
payable to the partners by executing a supplementary deed and such deed when executed
shall have effect, unless otherwise provided, from the first day of the accounting period in
which such supplementary deed executed and the same shall form part of this deed of
partnership

14. DUTIES AND RESPONSIBILITIES :

Each partner shall :

a. Punctually pay and discharge her separate and individual debts and engagements and
indemnify the other partner and the partnership assets against the same and all proceedings,
costs, claims or demands in respect thereof.

b. Be just and faithful to the other partners in all transactions relating to the partnership business
and at all times give to the partner a true of all such dealing and offer every assistance in her
power in carrying on the partnership business to their common advantage.0

c. Expeditiously pay all moneys, cheques and negotiable instruments received by her, on
account of the firm into bank into firm’s account

15. SPECIFIC DUTIES :

It is agreed by and between the partners hereto that all the parties(herein after referred to as
working partners) shall devote their time and attention in the business activities as the
circumstances and business may require from time to time. The specific duties of the partners is
as under:

SHREE DAKSHA THAKKAR - Shall be responsible for the handling of the day to day conduct of
business.

SHREE ISHWARI JADHAV - Shall be responsible for the designing and creation of the products.

SHREE AYUSHI GUPTA - Shall be responsible for the marketing and promotion of the business.

16. RESTRICTIONS :

No partners shall without the consent of the other partners.

a. Enter into an unreasonable agreement where the partners may risk the loss of or be liable for
any sum or any number of sums in respect of the said transactions.

b. Except in ordinary course of business, dispose of by way of loan gifts, pledge, sale of
otherwise any part of partnership property.

c. Forgo the whole or any part of any debt or sum due to the partnership.

d. Become bailer, guarantor or purity for any person of persons or do or knowingly suffer
anything to be done whereby the partnership business or property may be endangered.

e. Assign mortgage or charge her interest in the firm or in the assets or profits of the firm.

f. Draw accept or endorse any bill of exchange or promissory note on account of partnership
except in the ordinary course of business.

g. Lend any of the moneys of the firm to any person, firm or company whom the other partners
shall have previously in writing forbidden her to trust.

17. CONSEQUENCES OF BREACH :

If any partner shall

a. Commit any breach of provisions of the clause 14 and 15 of these present or

b. Commit any act of insolvency or

c. Do or suffer any act which would be the ground for dissolution of the partnership.

Then, and in any such case, the partner committing such act or breach or default shall indemnify
the other partners for all the losses arising on account of such act, breach or default.

18. ARBITRATION :

If during the continuance of partnership or at anytime afterwards any dispute or difference of

opinion or question shall rise between the partners or any of them or their legal representatives
touching the partnership on the accounts or transactions the dissolution or the winding up thereof
or the construction, meaning of effect of this deed or anything herein contained or the rights and
liabilities of partners or their representatives under the deed or otherwise, then every single or joint
arbitration of such person or persons as the parties to their respective disputes may mutually
decide. The decision of the Arbitrator or Arbitrators as the case may be shall be final and binding
upon both the parties.

19. RETIREMENT :

If any partner wants to retire from the partnership for any reason, she may do so by giving to the
other partners at least 3 months notice in writing of her intentions to do so such notice period may
be waved by the other partners in fit and proper case.

20. GOODWILL :

In the event of difference or dispute between the partners or in the event of death or retirement of
any partner occurring within the first 5 completed accounting years no claims on account of
goodwill shall be entertained.

21 CONTINUANCE OF BUSINESS :

In event of death or retirement or either of the partners, the surviving or continuing partners may
carry on the business under the same name and style and the legal heirs of the deceased partner
will be admitted as partner.

22. GENERAL :

Anything not provided herein touching the partnership shall be decided by mutual consent of all
the partners and provisions of the indian partnership act, 1932.

All these several covenants, we hereby agree upon and set our signatures on this deed of
partnership which shall be binding on us, our heir executors, on the date 1st hereinbefore
mentioned.

SIGNED SEALED AND DELIVERED

By the within named

Partner 1

Address

In the presence of ………

Partner 2

Address

In the presence of ………

Partner 3

Address

In the presence of ………