PARTNERSHIP DEED

This deed of partnership is made at Lahore on this 24th day of July 2020 by and between: -

1. Ayesha Rasheed D/O Rasheed Ahmed CNIC XXXXX-XXXXXXX-X R/O House No.,
Lahore. (Hereinafter called the first party).

2. XXXXX XXXXXX S/O XXXXX XXXXX CNIC XXXXX-XXXXXXX-X R/O House

No. X, XXXX, Lahore. (Hereinafter called second party).

Whereas the parties of the above named have entered into partnership to carry on business under
the name & style of “Taxit 360”

And it has deemed prudent to produce in writing the terms and conditions of the partnership, so that
the partners regulates their duties, relations and to keep the matters clear from all doubts and
ambiguities according to the terms and condition of this partnership deed.

Now therefore this agreement witness as under: -

1. That, the head office of the firm will be at XXX XXX M Block Model Town, Lahore.
2. That, the duration of the partnership shall be at the will of the partners.
3. That, the firm shall be engaged in providing or rendering of services of all types of
Professional Accountancy/Business Trainings, Business Incorporation Services, tax and
corporate advisory.
4. That, the firm shall act as representatives, for any person, firm or company before any
court of law, statutory or regulatory authority.
5. That, the capital of the partners will be Rs. 100,000/- and every partner will pay Rs.
50,000/- as a capital.
Their respective initial share of investment will be as under: -
i. First Party 50%
ii. Second Party 50%
6. That, the profit and loss of the firm will be divided among the partners as according to
their respective capital share ratio.
7. That, all Bank Accounts shall be opened in the name of the Firm and shall be operated by
any of the partners. The Bank borrowings shall be in the name of the firm and guarantees
furnished by partners shall be treated as furnished by all the partners. All partners shall
indemnify and keep each other indemnified in this regard.
8. That, each partner shall diligently attend to desist and devote his time thereto and
punctually pay his share, debts and indemnify the other partner to the assets of the firm
and against the same and all expenses thereof. Similarly Second Party shall be responsible
for the marketing of the firm and similarly for the collection of the proceeds of the firm,
similarly First Party shall be responsible for the indoor management of the firm.
9. That, all the necessary books of account shall be kept in the place of the registered office
up-to-date and properly and shall not be remove from the office without the consent of
even one of the parties
10. That, neither of the parties without the consent of the other party either directly or
indirectly indulged or be consented or interest in any contract of any nature with any
Government organization, a private organization or a public or private limited company
or any other individual.
11. That, the partners may convert this partnership into a limited company with the mutual
consent of the partners.
12. That, in case any party has to leave on his own accord, in such case he/she shall be
compensated fairly.
 13. That, the partners may frame rules and regulation as the internal conduct, administrative
matters, leave pension, benefits and other matters concerning the affairs of partnership.
The rules so framed shall be signed by all the partners and shall be enforceable amongst
them in the same manner as these presents.
14. That, all disputes and questions whatsoever which shall arise either during the partnership
or thereafter, whether relating to the distribution of profits or assets or otherwise shall first
be referred to arbitrator and if not decided, the Provisions of Arbitration Act,1940 will be
applicable.
15. That, if any party wants to retire from the firm he must file his written resignation in office
of firm for intimation to other party and he shall be excluded from the from on the date of
filing of the resignation and his clearance of share shall be made within 90- days of the
filing of resignation.
16. That, the addition of the partner shall be made by the consent of both the parties as and
when required by the firm.
17. That, at the time of the winding up of the firm, rights, liabilities and goodwill (if any) will
be shared as per their respective share of the capital.
18. That, all the provisions of the Partnership Act, 1932 will affect this partnership deed.
19. That, in the event of the death of any of the partner his legal heirs will wet into the
partnership in the capacity of this predecessor in interest.
In the present witnesses thereof the partners set their respective hands on the day, month and years
first mentioned.

First Party: Second Party

Ayesha Rasheed XXXXX XXXXX
XXXXX-XXXXXXX-X XXXXX-XXXXXXX-X

WITNESSES:

1. ________________________ 2. ___________________________