DEED OF PARTNERSHIP BETWEEN MORE THAN TWO PARTNERS

THIS DEED OF PARTNERSHIP, made the............................................................

day of........................................... between AB
of..........................................................., of the first part, CD
of.........................................., of the second part, EF
of..........................................., of the third part, and GH
of............................................................, of the fourth part, witnesses as
follows:

1. The parties hereto shall at present constitute and become

partners of the
firm.............................................................................subject to the
terms hereunder contained subject to such modification in its
constitution or object clauses as may hereafter be agreed.

2. The name of the firm shall, at present be, etc., and the objects of
the partnership shall, etc.; the partners shall enter into
engagements on behalf of the firm in the firm's name only. The
said name and the objects may be altered hereafter if so
unanimously decided by all the partners then constituting the
firm.

3. The business of the partnership shall be carried on at, etc., or at

such other place or places as the partners shall from time to time
determine.

4. The partners and their survivors will remain partners in the

business, from the date of this deed, for a term
of............................................................................. years, if they,
or any two of them, shall so long live, but subject to the provision
 for determination hereinafter contained.

5. Any Partner may retire from the partnership at the end

of....................................................................years, from the date
of this deed, on giving to the other partners not less
than............................................................................. calendar
months' previous notice in writing of his intention to do so, and at
the expiration of such notice the partnership shall, as regards the
partner giving such notice, stand dissolved; and the partner
retiring during the continuance of the partnership shall not, during
the remainder of the partnership term, carry on or be interested
directly or indirectly in any other business competing or in way
interfering with the business of the partnership, within a radius
of..................................miles from the site of the firm's premises.

6. The retirement or death or insolvency of any partner shall not

have the effect of dissolving the partnership between the other
partners; and the share of such retiring or deceased partner shall
be purchased by one or more of the remaining partners on the
following terms, namely, etc. (state the terms of the purchase).

7. Every partner shall have a right to sell or mortgage his share or

interest, but such partner, before selling or mortgaging it to a
stranger, shall make the offer by registered letter to the other
partners, who shall have the first option to purchase the share at
a valuation to be made in the following manner, namely, etc.
(state how the valuation is to be made).

8. Every partner shall attend diligently to the business of the

partnership and carry on the same for the greatest advantage of
the partners; and no Partner shall be directly or indirectly engaged
 or interested in any other trade or business except that of the
partnership (or when required, substitute the following clause):

The said AB (or, etc.) shall be the manager of the business of the
partnership and shall devote his whole time and attention to the
management of the said business; he shall receive a salary of
Rupees............................................................per mensem for his
service in the firm and shall not be directly or indirectly engaged or
interested in any other trade or business except that of the
partnership.

9. No partner shall, without the written consent of the other

partners, do any of the following things, etc. (see clause 15 of the
previous precedent).

10. Any partner may be expelled from the partnership on the

following grounds, namely, etc. (state the grounds for expelling).

11. The capital of the partnership business shall be the sum of

Rupees.........................................., made up and raised as follows,
namely, etc.; and any further capital which may be required
hereafter shall be contributed by the partners in the proportions in
which they shall, for the time being be entitled to the net profits of
the business.

12. Each partner shall be entitled to interest at the rate

of...........................................per cent per annum on the amount of
his capital for the time being in the business, and at the rate
of...........................................................per cent. per annum for
further advances.
13. The partners shall be entitled to the net profits of the business in
the following manner, namely, etc. (state how the profits are to be
divided).

14. All outgoings and expenses of the partnership and all losses,
including interest and capital, shall be payable, first, out of the
profits, next, out of capital and in the case of further deficiency,
by the partners in the shares in which they are entitled to the net
profits of the business.

15. An account of the partnership business shall be taken

every............................................................................ months, or
at such times as the partners shall determine; and the net profits
shall be divided between the partners.

16. All moneys and securities for money belonging to the partnership
(except moneys required for current expenses) shall be paid into
and deposited with M/s..........................................., etc., or such
other bankers as the partners shall from time to time determine.
Cheques drawn on partnership accounts shall be signed at least
by........................................................... partners.

17. The partners shall keep proper books of account which shall be
kept at the place of business for the time being of the partnership,
and each partner shall have access to and power to take copies of
the same.

18. (Clause as to the taking of general accounts as previous

precedent).

19. If, on the determination of the partnership by efflux of time or

 otherwise than by death or retirement, there shall be two or more
Partners still living, an account shall be taken of the assets and
the liabilities and transactions of the partnership, and the assets
as soon as they may be realized shall be applied, first, in the
payment of the cost of realization; secondly, in discharge of the
liabilities of the firm; thirdly, in payment of any unpaid profits or
interest on capital due to any partner; fourthly, in payment to
each partner of the sums subscribed by each towards the capital;
and lastly, the balance shall be divided among the partners for the
time being in the shares, in which they shall then be entitled to
the net profits of the partnership.

20. All the other matters, for which no provision is made in this deed,
shall be decided by the majority of the partners.

21. (Clause as to provision to refer to arbitration-as in previous

precedent).

In witness whereof

Signed, sealed and delivered.

AB

CD

EF

GH