BUSI

NESSCONTRACTS

STANDARDDEEDOFPARTNERSHI
P

THI
SDEEDOFPARTNERSHI
Pismadeat_
___
___ont
his_
___
___
_day

of_
___
___
_20_
___BETWEEN (
1)ABC,
of_
___
___
_,I
ndi
anI
nhabi
tant
,hav
inghi
s/her

addr
ess at _
___
___
___
___
___
___
___
___
___
_,(
whi
ch expr
essi
on shal
lunl
ess i
tbe

r
epugnantt
othecont
extormeani
ngt
her
eofbedeemedt
omeanandi
ncl
udehi
s/her

hei
rs,execut
ors,admi
nist
rat
orsandl
egalr
epr
esent
ati
ves)her
einaf
tercal
l
edt
he

Par
tyoft
heFI
RSTPART;(
2)DEF,of_
___
___
__,I
ndi
anI
nhabi
tant
,hav
inghi
s/her

addr
ess at _
___
___
___
___
___
___
___
___
___
___
___
___
___
___
___
___
___
__, (
whi
ch

expr
essi
onshal
lunl
essi
tber
epugnantt
o t
hecont
extormeani
ngt
her
eofbe

deemed t
o meanandi
ncl
udehi
s/herhei
rs,execut
ors,admi
nist
rat
orsand l
egal

r
epr
esent
ati
ves)her
einaf
tercal
l
edt
hePar
tyoft
heSECONDPART;AND(
3)GHI
,of

_
___
___
__, I
ndi
an I
nhabi
tant
, hav
ing hi
s/her addr
ess at

_
___
___
___
___
___
___
___
___
___
___
___
___
___
___
__,(
whi
chexpr
essi
onshal
lunl
essi
tbe

r
epugnantt
othecont
extormeani
ngt
her
eofbedeemedt
omeanandi
ncl
udehi
s/her

hei
rs,execut
ors,admi
nist
rat
orsandl
egalr
epr
esent
ati
ves)her
einaf
tercal
l
edt
he

Par
tyoft
heTHI
RDPART;

WHEREAS:

(
a) The par
ti
es her
eto ar
e desi
rous ofcar
ryi
ng on t
he busi
ness of

_
___
___
___
___
___
___
__i
npar
tner
shi
pupont
het
ermsandcondi
ti
onsas

r
ecor
dedher
einaf
ter
.

I
TISHEREBYAGREEDBYANDBETWEENTHEPARTI
ESASUNDER:

1
BUSI
NESSCONTRACTS

1. PARTNERSHI
P

Thepar
ti
esher
etoshal
lcar
ryont
hebusi
nessi
npar
tner
shi
pont
het
ermsand

condi
ti
onsasr
ecor
dedher
ein.

2. NAMEOFTHEPARTNERSHI
PFI
RM

Thenameoft
hepar
tner
shi
pfi
rm shal
lbe“
Messer
s__
___
___
___
”.

3. COMMENCEMENTANDTENUREOFTHEPARTNERSHI
P

(
a) ThePar
tner
shi
pshal
lcommence/
shal
lbedeemedt
ohav
ecommenced

ont
he_
___
___
_dayof_
___
___
_20_
__.

(
b) ThePar
tner
shi
pshal
lbe“
atWi
l
l”.Howev
er,t
hissub-
clauseshal
lbe

r
eadandconst
ruedal
ongwi
thCl
ause13appear
ingher
einaf
ter
.

4. PLACEOFTHEPARTNERSHI
P

Thebusi
nessoft
hePar
tner
shi
pshal
lbecar
ri
edonat_
___
___
___
___
___
_

_
___
___
___
___
___
___
___
___
___
__oratsuchot
herpl
ace/
sast
hepar
tner
smay

f
rom t
imet
oti
memut
ual
l
yagr
eedupon.

5. BUSI
NESSOFTHEPARTNERSHI
P

Thebusi
nessoft
hepar
tner
shi
pshal
lbeof_
___
___
___
___
___
_and/
orsuch

ot
herbusi
ness/
esast
hepar
tner
smayf
rom t
imet
oti
memut
ual
l
ydeci
de.

6. CAPI
TALOFTHEPARTNERSHI
P

(
a) Thecapi
taloft
hepar
tner
shi
p shal
l bet
hesum ofRs._
___
___
_/-

(
Rupees_
___
___
___
___
___
___
___
___
___
_onl
y)andshal
lbepr
ovi
dedby

t
he par
tner
sint
hei
rpr
ofi
tand l
oss shar
ing r
ati
o.I
fatanyt
ime

2
BUSI
NESSCONTRACTS

her
eaf
terany f
urt
hercapi
tali
srequi
red f
ort
he pur
pose oft
he

par
tner
shi
p busi
ness,t
he same shal
l
,unl
ess ot
her
wise agr
eed,be

cont
ri
but
ed byt
he par
tner
sin si
mil
arr
ati
o.The par
tner
s shal
lbe

ent
it
ledt
oani
nter
estont
hecapi
tal
broughti
nbyt
hem.

(
b) Si
mpl
eint
erestatt
her
ateof_
___
_%perannum oratsuchot
herr
ateas

maybemut
ual
l
yagr
eeduponoratsuchr
atenotexceedi
ngt
her
ateas

maybepr
escr
ibedbySect
ion10(
b)oft
heI
ncomeTaxAct
,1961or

suchot
herst
atut
orymodi
fi
cat
ionorr
e-enact
mentt
her
eofandi
nfor
ce

f
rom t
imet
oti
me,
shal
lbepay
abl
efr
om t
imet
oti
me,wi
thef
fectf
rom

_
___
___
___
_20_
___ont
heamount
sst
andi
ngt
othecr
edi
tofCapi
tal

Account
,LoanAccountorCur
rentAccountoft
hePar
tner
s.

7. WORKI
NGPARTNERSANDTHEI
RREMUNERATI
ON

(
a) DEF,t
hepar
tyoft
heSecondPar
tandGHI
,thepar
tyoft
heThi
rdPar
t

(
her
einaf
terr
efer
redt
oast
he“
Wor
kingPar
tner
s”)shal
ldev
otesuch

t
imeandat
tent
ionf
ort
heconductoft
hePar
tner
shi
pbusi
nessast
he

ci
rcumst
ancesandt
hebusi
nessneedsmayr
equi
re.I
nconsi
der
ati
on

t
her
eof
,theWor
kingPar
tner
sshal
lbeent
it
ledt
other
emuner
ati
onas

her
einaf
terment
ioned.

(
b) Nof
ixedr
emuner
ati
onshal
lbepai
d.Howev
er,
itshal
lbei
naccor
dance

wi
tht
he pr
ovi
sions oft
he I
ncome Tax Act
,1961.The aggr
egat
e

r
emuner
ati
onpay
abl
etot
heWor
kingPar
tner
sineachy
earshal
lbei
n

t
hef
oll
owi
ngr
ati
o:-

(
i) I
ncaseofaf
ir
m car
ryi
ngonapr
ofessi
onr
efer
redt
oinSect
ion

44AAorwhi
chi
snot
if
iedf
ort
hepur
poseoft
hatsect
ion:
-

3
BUSI
NESSCONTRACTS

(
a) On t
hef
ir
stRs._
___
___
/-of Rs._
___
__/
-oratt
her
ateof

t
hebook-
prof
itori
ncaseof _
___
_percentoft
hebook-

al
oss pr
ofi
t,whi
cheveri
smor
e;

(
b) Ont
henextRs._
___
___
/-of att
her
ateof_
___percent
;

t
hebook-
prof
it

(
c) Ont
hebal
anceoft
he_
___
_ att
her
ateof_
___percent
;

book-
prof
it
;

OR

(
ii
) I
nthecaseofanyot
herf
ir
m:-

(
a) Thef
irstRs._
___
___
/-of Rs._
___
___
_/-oratt
her
ate

t
hebook
-pr
ofi ncaseof of_
tori __percentofpr
ofi
t,

al
oss whi
chev
eri
smor
e;

(
b) Ont
henextRs._
___
___
/-of att
her
ateof_
___percent
;

t
hebook-
prof
it

(
c) Ont
hebal
anceoft
he_
___
__ att
her
ateof_
___percent
;

book-pr
ofi
t;

(
NOTE:Theappl
i
cabl
ecauseshoul
dbeadopt
ed)

Thepar
ti
esar
eatl
i
ber
tyt
omodi
fyt
her
emuner
ati
onpay
abl
etoeach oft
he

par
tner
sinaccor
dancewi
tht
hepr
ovi
sionsoft
heI
ncomeTaxAct
,1961.

(
c) Thatt
heRemuner
ati
onand/
ori
nter
estpai
dasabov
eshal
lbeachar
ge

4
BUSI
NESSCONTRACTS

ont
hePr
ofi
tandLossAccount
.

8. BANKERSOFTHEPARTNERSHI
P

TheBanker
soft
hePar
tner
shi
pshal
lbesuchbank/
sast
hepar
tner
smayf
rom

t
imet
oti
memut
ual
l
yagr
eeuponandsuchbankaccount
/sshal
lbeoper
ated

bysuchpar
tner
/sast
hepar
ti
esher
etomayf
rom t
imet
oti
memut
ual
l
y

agr
eedupon.

9. ACCOUNTSOFTHEPARTNERSHI
P

(
a) Theaccount
ingy
earoft
hepar
tner
shi
pshal
lbef
rom t
he1stdayof

Apr
ilt
othe31stdayofMar
choft
henexty
ear
.

(
b) Pr
operbooksofaccountshal
lbemai
ntai
nedasar
eusual
l
ymai
ntai
ned

i
nthet
radeandbusi
nessofasi
mil
arnat
ureandshal
lbemai
ntai
ned

pr
oper
ly,r
egul
arl
yupdat
edandkeptatt
hepr
inci
palpl
aceofbusi
ness

oft
hepar
tner
shi
porot
herof
fi
cesoft
hepar
tner
shi
pasmaybeagr
eed

uponandeachoft
hepar
tner
sher
etoshal
lbeent
it
ledt
oinspectt
he

sai
d booksofaccountand shal
lal
so beent
it
led t
o copyort
ake

ext
ract
sther
efr
om.

(
c) Af
tert
heendofev
eryaccount
ingy
eardur
ingt
hecont
inuanceoft
he

par
tner
shi
p,agener
alaccountandv
aluat
ionshal
lbet
akenandmade

upt
otheendofev
eryaccount
ingy
ear
.

10. PROFI
TANDLOSSOFTHEPARTNERSHI
P

(
a) Theshar
eoft
hePar
tner
sint
hepr
ofi
tandl
ossoft
hepar
tner
shi
p,af
ter

5
BUSI
NESSCONTRACTS

pay
mentofi
nter
estonPar
tner
s’Capi
tal
/Cur
rent
/Loanaccountand

r
emuner
ati
ont
otheWor
kingPar
tner
/s,
shal
lbeasf
oll
ows:
-

Sr
.No. NAMES PERCENTAGE

(
1) ABC

(
2) DEF

(
3) GHI

Tot
al 100%

11. RI
GHTS,
POWERS,
DUTI
ESANDOBLI
GATI
ONSOFTHEPARTI
ES

(
a) Ther
ight
s,power
s,dut
iesandobl
i
gat
ionsoft
hepar
ti
es(
par
tner
s)

her
etoshal
lbegov
ernedbyTheI
ndi
anPar
tner
shi
pAct
,1932orsuch

ot
herst
atut
orymodi
fi
cat
ionorr
e-enact
mentt
her
eof
.

(
b) Eachpar
tnershal
l
:

(
i) dev
ote hi
s suf
fi
cientt
ime and at
tent
ion t
othe Par
tner
shi
p

busi
ness(
exceptdur
inghol
i
day
s);

(
ii
) punct
ual
l
y pay and di
schar
ge hi
s/her separ
ate debt
s and

engagement
s and i
ndemni
fyt
he ot
her par
tner
s and t
he

par
tner
shi
passet
sagai
nstt
hesameandal
lcost
sofpr
oceedi
ng,

cl
aimsordemandsi
nrespectt
her
eof
;

(
ii
i) bej
ustand f
ait
hfult
otheot
herpar
tner
sinal
ltr
ansact
ions

r
elat
ingt
othepar
tner
shi
pbusi
nessandatal
lti
mesgi
vet
othe

ot
her
sat
rueaccountofal
lsuchdeal
i
ngs.

(
c) Noneoft
hepar
tner
sshal
lwi
thoutt
heconsentoft
heot
herPar
tner
s:-

(
i) engage orbe concer
ned ori
nter
est
ed ei
therdi
rect
lyand/
or

i
ndi
rect
lyi
nanyot
hersi
mil
arbusi
nessoroccupat
ion;

6
BUSI
NESSCONTRACTS

(
ii
) engage,
makeanycont
ractwi
thordi
smi
ssanyempl
oyee;

(
ii
i) f
orgot
hewhol
eoranypar
tofanydebtorsum duet
othe

par
tner
s;

(
iv) di
sposeofbyl
oan,pl
edge,sal
eorot
her
wiseanypar
toft
he

par
tner
shi
ppr
oper
ty;

(
v) becomeabai
lguar
ant
ororsur
etyf
oranyper
sonorknowi
ngl
y

suf
fer any
thi
ng wher
eby t
he par
tner
shi
p pr
oper
ty may be

endanger
ed;

(
vi) assi
gnorchar
get
hei
rint
eresti
nthef
ir
m or
;

(
vii
) dr
aw oracceptorendor
seanybi
l
lofexchangeorpr
omi
ssor
y

not
eonaccountoft
hepar
tner
shi
p.

12. RETI
REMENTANDDEATHOFTHEPARTNER/
S

(
a) I
fanypar
tnerdesi
rest
oret
ir
efr
om t
hepar
tner
shi
phe/
shemaydoso

af
tergi
vi
ngt
hree(
3)mont
hs’
clearnot
icet
otheot
herpar
tner
sandt
he

par
tner
shi
pbet
ween/
amongstnon-
ret
ir
ingpar
tner
sshal
lcont
inue.

(
b) The deat
h ofany oft
he par
tner
s her
eto shal
lnotdi
ssol
vet
he

par
tner
shi
pbutt
hel
egalr
epr
esent
ati
vesoft
hedeceasedpar
tnershal
l

bet
akenupasapar
tneri
npl
aceandi
nst
eadoft
hedeceasedpar
tner
.

13. SPECI
ALPROVI
SIONS

(
a) _
___
___
__,
Par
tyoft
he_
___
__par
tshal
lhav
enor
ightand/
orshar
eint
he

asset
s,goodwi
l
landpr
oper
ti
esoft
heFi
rm.

(
b) Thought
hepar
tner
shi
pis“
atWi
l
l”,_
___
___
___
___
_,Par
tyoft
he_
___
__

par
t,shal
lhav
enor
ightt
odi
ssol
vet
hef
ir
minanyci
rcumst
ancesof

7
BUSI
NESSCONTRACTS

what
soev
ernat
ure.

(
c) Ther
ightof _
___
___
__,Par
tyoft
he_
___
_par
t,i
srest
ri
ctedt
oret
ir
e

f
rom t
hef
ir
m af
tergi
vi
ngt
hree(
3)mont
hs’cl
earnot
icet
otheot
her

par
tner
s oft
he Fi
rm and upon such not
ice,hi
s/herr
ight
s wi
l
lbe

r
est
ri
ctedt
orecei
veonl
ytheamount
sly
ingt
othecr
edi
tofhi
s/her

Capi
tal
,Cur
rentandLoanAccount
s.

14. DI
SPUTESANDJURI
SDI
CTI
ON

(
a) I
fanydi
sput
ear
isesbet
weent
hepar
ti
esher
etoi
nrespectoft
he

par
tner
shi
p,t
he same shal
lbe r
efer
red t
o Ar
bit
rat
ion underThe

Ar
bit
rat
ionandConci
l
iat
ionAct
,1996oranyot
hermodi
fi
cat
iont
her
eof

i
nfor
ce.TheAr
bit
rat
ionpr
oceedi
ngsshal
lbehel
dat_
___
___
___
___
___

andt
hesameshal
lbeconduct
edi
nEngl
i
shLanguage.

(
b) Subj
ectt
othepr
ovi
sionoft
hef
orgoi
ngAr
bit
rat
ionCl
ause,t
heCour
ts

at_
___
___al
oneshal
lhav
etheexcl
usi
vej
uri
sdi
cti
ont
otr
yandent
ert
ain

al
ldi
sput
es bet
ween t
he par
ti
es her
etoi
nrespectoft
he pr
esent

par
tner
shi
p.

I
N WI
TNESS WHEREOF t
he par
ti
es her
eto hav
e her
eunt
o setand

subscr
ibedt
hei
rrespect
ivehandst
hedayandy
earf
ir
sther
einabov
ewr
it
ten.

SI
GNED AND DELI
VEREDbyt
he)

8
BUSI
NESSCONTRACTS

wi
thi
nnamed,
thePar
tyoft
he )

Fi
rstPar
t,ABC,
abov
enamed )

i
nthepr
esenceof.
..
..
..
.. )

1.

2.

SI
GNED AND DELI
VEREDbyt
he)

wi
thi
nnamed,
thePar
tyoft
he )

SecondPar
t,DEF,
abov
enamed )

i
nthepr
esenceof.
..
..
..
.. )

1.

2.

SI
GNED AND DELI
VEREDbyt
he)

wi
thi
nnamed,
thePar
tyoft
he )

Thi
rdPar
t,GHI
,abov
enamed )

i
nthepr
esenceof.
..
..
..
.. )

1.

2.

9
BUSI
NESSCONTRACTS

10