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AGREEMENT OF PARTNERSHIP
An agreement of Partnership has this Day 015/03/2024 been executed between:-
1. XYZ S/o ABC R/o of Hisar, Haryana, 125001 (aged 36 years)( 1st Party )

2. MOHAMMD AMAAN S/o MOHAMMD JAKIR R/o SOMNATH

NAGAR ,IT PARK ,SAHASTRADHARA ROAD ,DEHRADUN, 248001
(aged21Years)(2ndParty)

Both the Parties to this agreement their expression shall mean and include the
legal heirs, assignors, nominees, representatives and administrators of the
respective parties.

Both the Parties to the agreement is willing to start the business in the name &
Style of “DATABYTES COMPUTER INSTITUTE. 01/03/2024. Both the
parties to the agreement have considered it necessary and expedient to execute
an agreement of Partnership.

Now this Agreement is witnessed as under: -

1) That the Partners to this agreement will run the Business of this Firm as a
Partnership Firm 01/04/2024 in the name & style of “DATABYTES
COMPUTER INSTITUTE”.
2) That the Main object of the Partnership will be: --

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A. To provide Computer related services.

B. To provide theoretical as well as practical computer knowledge.

C. To provide basic as well as advanced computer software knowledge.

D. Include courses: basic computer courses, DTP, ADCA, TALLY PRIME,

and EXTRA Knowledge like English/Hindi typing.
E. To do all lawful things to achieve the main objects of the firm.
3) That business will be run at Near Sahastradhara crossing (opp. Axis Bank)
Raipur road, Dehradun. The partners may open any number of branches with
in India as the partners may deem fit.
4) It is agreed between Both the Parties to the Agreement (hereinafter called as
Partners of the Firm) that they shall devote their time & attention for the
business of the Partnership Firm. The total remuneration payable to partners
shall be worked out as under: ---
The Total Remuneration payable to Partners will be calculated as Prescribed
in section 40(b) (v) of Income tax Act, 1961for the relevant financial year.
Which will be as under:--

(a) On the first Rs. 300000.00 of Rs. 150000.00 or at the rate of 90

The book Profit or in case of percent of the book profit,
a loss. Whichever is more.
(b) On the balance of the book at the rate of 60 per cent.
Profit
Explanation: ---
For the purpose of the above clause the expression Book profit shall mean the
book profit as defined in section 40(b) of the Income tax Act 1961 or any
other Statutory modifications or enactment thereof for the time being in force
5) It is agreed between both the partners that they will share remuneration in the
ratio of 50:50.
6) That this partnership deed shall come into force 01/04/2024 and shall remain
in force until it is dissolved by the partners mutually or under the provisions of
this deed or any law.
7) Interest @ 12% p.a. or as may be prescribed u/s 40 (b) (iv) of the Income Tax
Act 1961, or any other applicable provision as may be in force in the Income
Tax Assessment of the partnership firm or at such rates as mutually decided
upon annually by the partners for the relevant accounting period shall be

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payable to the partners on the amount standing to the credit of the accounts of
the partners at the beginning of the accounting year.

Such interest shall be calculated and credited to the account of respective

partner at the close of the accounting year. If the profit of the firm is not
sufficient to meet out the interest payable to the partners in that case the
interest shall be reduced proportionately. If there is any debit balance in the
account of any partner, interest at the above rate shall be payable by him to the
partnership firm.

8) That after defraying all business expenses, interest to partners and the net
profit or loss as the case may be shall be dividing between both the partners in
the ratio of 50:50.

9) That the Partnership shall be a Partnership at will.

10) That the Partners shall be authorized to open and operate bank account on
behalf of the Firm. The bank a/c will be operated by any one of the partners
of the firm. It means that to operate the bank a/c of the firm sign of any
partner is relevant.

11) That the partners of the Firm are authorized to raise loans from Banks or
Financial institutions or from any other Parties against the Securities of the
assets of the Firm or any of partner of the firm or any other third party.

12) That any of the partner can take loan/credit facilities from Banks or Financial
institutions or from any other Parties for the partnership business and give,
accept, confirm, make out, draw , execute, endorse, discount, negotiate, pay,
satisfy, withdraw, discharge, issue and transfer all and any cheques , drafts,
bills of exchange, promissory notes (internal & foreign), hundies, bonds,
dividend or interest warrants, letters of credit, bills of lading, delivery orders,
policies of insurance, negotiable or transferable instruments, agreements,
security documents, undertakings, writings, indemnities, power of attorney
and all renewals and/or amendments thereto and also all acknowledgement/s
or confirmation of debt and/or security, as the Bank may require from time to
time in connection with/for the above credit facilities and also to operate any
or all of the credit facility account(s) maintained by the firm with the Bank, in
the name and on behalf of the firm.
13) That any change in the Agreement of Partnership shall be by consent of Both
the Partners and by executing a supplementary deed.

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14) That in case of dispute between the partners of the Firm the settlement shall be
done by the consent between the partners and in case no consent is possible
then the firm shall be dissolved and assets and liabilities of the firm at the date
of dissolution shall be divided as per the provisions of The Indian Partnership
Act 1932.
15) Partner Mohammd amaan initially invested capital of rupees 50000. After the
three months partner nazre alam promise to pay the same amount of rupees
50000. But the profit and loss should be divided equally when this partnership
deed shall come into force on 01/04/2024. Nazre alam pay the whole amount
of rent when partnership deed shall into force on 01/04/2024 up to 3 months
from the date of 01/04/2024. And then both the partners pay rent equally.
16) That in all other matters which could not be mentioned in the above deed shall
be governed by the provisions of the Indian partnership Act 1932.
IN WITNESSES WHERE OF the parties herein above set and subscribed their
respective hands on the day and year first above written.

WITNESSES SIGNATURE
OF THE PARTNERS
1.

(…………………….)
XYZ

2.

(…………………….)
WYX

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