DEED OF PARTNERSHIP
THIS DEED OF PARTNERSHIP is made and executed at Karachi on _____________.
BETWEEN
1. ____________________________________________________, Muslim, adult,
resident of _______________________________________________________,
holding CNIC No.____________________, hereinafter called “The First Party” of
the First Part.
AND
1. ____________________________________________________, Muslim, adult,
resident of _______________________________________________________,
holding CNIC No.____________________, hereinafter called “The Second
Party” of the First Part.
NOW THEREFORE THIS AGREEMENT WITNESSETH AS UNDER:
1. NAME AND STYLE:
That the business of the partnership shall be carried on under the name and style
of M/S. ______________________________________________________.
Contd…. P/2
Page 2
2. NATURE OF BUSINESS:
That the nature of partnership business shall be of ______________________
____________________________________________________ etc in Pakistan
WHEREAS it has been mutually agreed.
3. PLACE OF BUSINESS:
That the business of partnership shall be carried on at _____________________
____________________________________, Karachi and/or any place or places
and/or outside Pakistan, shall be decided with the mutual consent of all the
partnership from time to time.
4. COMMENCEMENT:
That the business of the partnership shall be deemed to have been commenced
with effect from ________________.
5. DURATION OF BUSINESS:
That the duration of the partnership business shall be at the will of the partners or
giving _______________ month(s) notice in writing in advance.
6. CAPITAL:
That the capital of the firm shall be contributed by mutual consent of the partners
as and when required by the business of the firm.
7. SHARE IN PROFIT & LOSSES:
That the profit and losses of the firm shall be distributed and borne by the two
partners in the following manner:-
1. Party of the 1st Part. 50%
nd
2. Party of the 2 Part.50%
8. ACCOUNTS OF THE FIRM:
That the account or accounts of firm shall be opened with any bank in Pakistan
shall be operated by _____________________________________________.
9. BOOKS AND ACCOUNT:
That the proper books of accounts of the firm shall be maintained and shall be
placed at proper place of business and each partner shall have the rights to
inspect the same at any time.
10. CLOSURE OF BOOKS OF ACCOUNTS:
That the books of accounts of the firm shall be closed each year on June 30 th.
The final accounts of the firm shall be prepared and the profit and loss shall be
ascertained and allocated to the partners as agreed in clause No.”7”.
11. PERFORMANCE OF PARTNERS:
That each partner shall punctually pay and discharge his respective separates
debt and liabilities, and shall keep the firm indemnified against an/or from the
same.
That each partner shall work diligently, honestly and faithfully in the best interest/
goodwill of the business of the partnership firm and shall not withhold from the
other partner any material information relating to the affairs of the firm. And each
partner will have his own responsibilities and not to interfere in other partner’s
duties.
Contd…. P/3
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12. ARBITRATION:
That in case of any dispute or difference of whatsoever nature as regards the
business of the firm or as regards to the interpretation of any of the terms of this
documents, or any other dispute of whatsoever nature, the same shall be
referred to a sole arbitrator who will be appointed with the mutual consent of the
partners. In the event of a disagreement the arbitrations shall be done according
to the Arbitration Act, 1940 and/or its modification for the time being in force.
13. ALTERATION:
That any of the terms and conditions of this partnership deed may not be altered
modified etc., without the mutual consent of the partners for smooth running of
the business.
14. UNTOUCH REFERENCE:
That any other matter, which was not mentioned in this partnership deed, shall
be governed by the prevailing partnership Act and/or its modification for the time
being in force.
15. In case of death of any partner, the legal heirs of the deceased will take over his
share automatically.
16. That if one of the partner opts to withdraw from the partnership he will on the first
instance offer the other partner to purchase his share and on their refusal the
withdrawing partner will be entitled to transfer his share to any other person
provided the other partner agree to such induction and in case of disagreement
the partnership shall stand dissolved.
IN WITNESS WHEREOF THE PARTNERS have here unto set and subscribed their
respective hands on the day, month and year as first stated above.
1st Party:________________ 2nd Party:___________________
_______________________ __________________________
_______________________ __________________________
CNIC No.________________ CNIC No.___________________
WITNESSES:
1._________________________ 2._________________________
CNIC No.___________________ CNIC No.___________________
R/O._______________________ R/O._______________________
___________________________ __________________________
