This Partnership Deed is made and entered into on this 7th November, 2024, by and between:
1. [Partner 1 Name], a resident of [Address], hereinafter referred to as the “First Partner.”
2. [Partner 2 Name], a resident of [Address], hereinafter referred to as the “Second Partner.”
WHEREAS, the parties hereto wish to enter into a partnership for the purpose of [specify
the nature of the business], and have mutually agreed to set out the terms and conditions
under which they will carry on their business together.
1. Name of the Partnership:
The partnership shall be carried on under the name and style of [Business Name].
2. Business Address:
The principal office of the business shall be located at [Business Address].
3. Commencement of Partnership:
The partnership shall commence on the ___ day of [Month], [Year].
4. Nature of Business:
The business will be conducted as [describe the nature of business activities, e.g., retail,
manufacturing, consulting, etc.].
5. Capital Contribution:
The partners agree to contribute the following amounts as capital to the business:
First Partner: 50%
Second Partner: 50%
6. Profit and Loss Sharing:
The profits and losses of the business shall be shared by the partners in the following proportions:
First Partner: 50%
Second Partner: 50%
7. Duties and Responsibilities:
First Partner’s duties: [List specific duties and responsibilities]
Second Partner’s duties: [List specific duties and responsibilities]
8. Authority and Decision Making:
Each partner shall have the authority to bind the partnership in the ordinary course of business.
Major decisions affecting the partnership, such as [specify major decisions like borrowing funds,
selling assets, etc.], shall require the mutual consent of all partners.
9. Duration of the Partnership:
The partnership shall be of indefinite duration unless terminated earlier as provided in this
agreement.
10. Bank Account:
The partners agree to open a joint bank account in the name of the partnership at [Bank Name],
which shall be used for all partnership-related transactions.
11. Withdrawal and Admission of New Partners:
Any partner may withdraw from the partnership by giving written notice [specify notice
period, e.g., 30 days] in advance.
New partners may be admitted only with the unanimous consent of all existing partners.
12. Dispute Resolution:
In the event of any dispute between the partners, the matter shall be referred to
[Arbitration/Mediation] under the rules of [Arbitration/Mediation institution], and the decision
shall be binding on all parties.
13. Books of Accounts:
The partnership shall maintain proper books of accounts, and these shall be open for inspection
by any partner at any time during business hours.
14. Withdrawal or Death of a Partner:
In the event of the death of any partner, the surviving partner(s) shall have the option to
purchase the deceased partner's share.
The amount to be paid for the deceased partner’s share shall be determined by [describe
valuation method, e.g., market value, agreement-based, etc.].
15. Indemnity:
Each partner agrees to indemnify and hold harmless the other partners from any loss or liability
incurred due to their own actions or omissions in the conduct of the partnership business.
16. Amendments to the Partnership Deed:
Any amendments to this deed must be made in writing and signed by all partners.
17. Governing Law:
This agreement shall be governed by and construed in accordance with the laws of [jurisdiction,
e.g., the state of XYZ].
18. Miscellaneous:
Severability: If any provision of this agreement is found to be invalid or unenforceable,
the remaining provisions shall remain in effect.
Entire Agreement: This deed contains the entire agreement between the partners and
supersedes all prior agreements or understandings.
IN WITNESS WHEREOF, the parties have executed this Partnership Deed on the day and year
first written above.
Signatures of Partners:
[Partner 1 Name]
[Partner 2 Name]
(Additional partners, if any, can sign similarly.)
Witnesses:
1.
Name: [Witness Name]
Address: [Witness Address]
2.
Name: [Witness Name]
Address: [Witness Address]
