Professional Documents
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BETWEEN
AND
WHEREAS, the Parties have given their consent to made a partnership; and
WHEREAS, the Parties have agreed for the same and on the following terms
and conditions;
1. Name of Business
The parties hereby form a partnership firm under the name of……….. , referred
to as …………” henceforth.
2. Type of Business
3. Place of Business
The registered office of the firm shall be at ……………., Bangladesh or such other
place or places as the parties choose to. To expand and to ensure smooth
operation of business, the parties may mutually decide to run a virtual office
and/or to open an office anywhere in the world.
4. Term
The Partnership shall commence on the date of this Agreement and, unless
sooner terminated in accordance with this Agreement, shall continue until the
termination of the Agreement
5. Capital
The partners shall contribute the capital of the partnership in cash as follows:
In case, the partners decide to add more capital to the partnership firm, both
the partners may contribute to the capital.
The capital contributed by each partner shall be maintained at all times in the
proportions in which the partners share in the profit and losses of the
partnership.
Neither partner shall withdraw any part of their capital amount without the
mutual agreement between the partners.
The net profit of the partnership shall be divided equally between the partners
and the net losses shall be borne equally by them.
All liabilities of the firm shall be borne, mitigated, and managed by both
parties.
Neither partner shall receive any salary for services rendered to the
partnership. Each partner may, from time to time, withdraw a mutually agreed
upon amount from the account.
8. Interest
Without consent of the other partner, neither partner shall, on behalf of the
partnership, borrow, or lend money; or make, deliver, or accept any
commercial paper; or execute any mortgage, security agreement, bond, or
lease; or purchase or contract to purchase; or sell or contract to sell any
property for or of the partnership other than the type of property bought and
sold in the regular course of its business.
10. Banking
All funds of the partnership shall be deposited in a bank account in the name
of the Firm.
All withdrawals from this account are to be made upon checks signed
by BOTH partners.
11. Books
An audit of books and all accounts shall be made as of the closing date.
In the event of death or physical disability of any member, the share or legal
right of deceased or disable partners will be transferred to their legal
representatives or legal heirs under the provisions of common laws in
Bangladesh.
A partner of the firm shall not engage in any kind of business similar to this
Firm. If any partner is found to be engaged in similar business it shall be
considered a breach of this Agreement.
All partners are also expected to abstain from disclosing the Firm’s internal
information to outside the partnership.
15. Signature
The partners, with the favor of the firm in mind, will mutually decide on the
signatory authority of all legal papers such as Customs Documents, Letter of
Credit Documents, and other similar documents. Only bank transactions are
required to have signatures of both partners.
A new partner may be admitted to the Firm, but only after written approval
from all existing partners. Any new partner is expected to contribute capital to
the Firm as agreed by all the partners.
18. Arbitration
If any dispute arises between the partners, which cannot be resolved mutually
or by a 3rd Party mediator, the matter will be referred to Arbitration. An
arbitrator will be appointed by each of the partners under the provisions of
THE ARBITRATION ACT, 2001 or any statutory modification required by the
laws of Bangladesh.
In the event of the Firm’s dissolution, all liabilities are to be paid off and all
remaining assets are to be divided amongst partners as per the Profit and
Loss sharing ratio.
IN WITNESS whereof the said parties have thereto signed on the day, month,
year above written.
_____________ _____________
x y
WITNESSED BY:
1. …………………………….
2. ………………………………..