Partnership Deed
“DEED OF PARTNERSHIP”
THIS DEED OF PARTNERSHIP is made and entered into at Mumbai on this ____ day of , 2026 BETWEEN ____________, aged about ___ years, Indian Inhabitant of__________________________________________________________________________________________, hereinafter called as the ‘PARTNER OF THE FIRST PART’ (which expression shall unless it be repugnant to the context or meaning thereof mean and include his legal heirs, executors, administrators and assigns) of the First Part AND ____________________________, aged about ____ years, Indian Inhabitant of_____________________________________________________________, herein after called as the ‘PARTNER OF THE SECOND PART’ (which expression shall unless it be repugnant to the context or meaning thereof mean and include his legal heirs, executors, administrators and assigns) of the Second Part AND ____________________________, aged about years, Indian Inhabitant of Mumbai, ________________________________________________________, hereinafter called as the ‘PARTNER OF THE THIRD PART’ (which expression shall unless it be repugnant to the context or meaning thereof mean and include his legal heirs, executors, administrators and assigns) of the Third Part.
WHEREAS the above named parties of the First, Second and Third part are carrying out the online Business of ___________ in the name and style of “___________” through online Business platform.
AND WHEREAS the Partners herein have now decided to carry on the said tours and travel business by name “___________________” in partnership.
AND WHEREAS the parties herein are desirous of reducing the terms and conditions of the said partnership business and register the said as partnership firm namely “_______________” (Hereinafter referred as the said “Partnership Firm”) into writing according to which they shall carry on the said Partnership business with the effect from day of , 2026 as hereinunder mentioned.
NOW THEREFORE THIS DEED OF PARTNERSHIP WITNESSETH AND IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:-
1. The Partnership Firm so formed between the aforesaid partners shall run under the name and style “___________” and/or other name or names as the parties hereto mutually agrees upon time to time.
2. The Partnership business is deemed to have commenced from day , 2026 and the Registered office of the Partnership business shall be at ___________________________________________________________________________________ and/or such other place or places as the parties hereto may mutually agree upon from time to time. The Registered office is the ownership premises of the party of the First Part and the Partners of the Second and Third part have consented for carrying on its business from the said premises. The Said Partnership business/ firm or the Partners of the Second and Third part hereto shall not have any tenancy, Leave and License or any other right, title, interest of whatsoever over the said office premises.
3. That the duration of the said Partnership Firm shall be “AT WILL” and shall continue unless dissolved by mutual consent or as otherwise provided herein.
5. That the books of account of Partnership firm shall be maintained in English and the accounting year of the firm shall be from 1st April to 31st of March on which day the account of the firm shall be finalized and net profit and loss shall be worked out. The first accounting year shall be from ________ to ___________.
6. That the capital required for carrying on the said _________ business including expansion of the business, if any, shall be contributed and arranged by the partners of First, Second and Third Part in equal proportion or in such a manner as may be mutually agreed upon by the partners hereto.
7. The one or more current/ Saving Bank accounts of the partnership Firm shall be opened in the name of the said Partnership Firm in any Nationalized, Scheduled or Co-operative Banks as may be mutually agreed between the partners hereto and the same shall be operated upon jointly by any two parts of partners hereto. The aforesaid arranged capital (mentioned in Clause 5) shall be credited/ deposited in the said current/ Saving Bank Account. The Profit/ loss as the case may be and/or other transaction relating to the said Partnership firm shall be done from the said current/ saving Account only.
8. All the partners hereto mutually agree to charge interest on capital at the rate of 12% per annum simple interest or such lower/higher rate of interest as may be prescribed under Section 40 (b) of the Income Tax Act or any other applicable provisions as may be in force for the Income Tax Assessment of the Partnership Firm for the relevant accounting year. In case of any debit balance in the account of the Partnership Firm, interest shall be payable as per mutual agreement amount the Partners hereto.
9. The net profit and loss of the Partnership business/firm shall be as per the accounts maintained by the Partnership after deduction of all expenses relating to the activities of the said partnership Firm, (including salaries, rent utility bills, marketing expenses and other necessary expenses) distributed and borne by the partners in the following proportion: -
(i) --------------------------- … 33.33%
(ii) ---------------------------------- … 33.33%
(iii) ----------------------------------------- … 33.33%
Total: 100%
10. The Partners hereto may borrow from the bank or any financial instittion on such terms and conditions as may be mutually agreed upon in writing by the Partners hereto.
11. The Books of accounts of the said Partnership business/firm shall be kept at the place as the partners hereto any agree upon and each partner shall at all-time have free access to it and have to inspect and copy of the same.
12. That no partner shall without the written consent of the other partner shall mortgage, sign, charge, transfer or alienate their share or interest in the Partnership firm.
13. That no partner shall engage themselves in similar business or trade which may directly or indirectly compete with the business of the firm during the continuance of the firm.
14. That no partner shall lend money of the firm or dispose of, pledge or mortgage or create charge of the assets of the partnership firm.
15. The death, retirement, or insolvency of any partner shall not dissolve the partnership Firm and legal heirs of such partner shall be admitted as partners at his place, subject to mutual consent and undertaking.
16. That the stock-in-trade, articles and other trade paraphernalia including the good-will of the said partnership business/ firm are the assets of this partnership firm and all the partners have share, right, title and interest therein in the same proportion of share in profit and loss of the said business as afore-stated.
17. That if any partner hereto desires to retire from the Partnership Firm shall have to give one-month notice in writing to the other part of partners and the expiration of the said period, he shall be deemed to have retired from the said partnership firm.
18. That on retirement, the said retired partner shall not be entitled to start similar trade or Firm in the nearby locality within the radius of one kilometer for a period of 3 years from the date of his retirement.
19. It is Agreed by and between the partners hereto that all parts of the partners shall devote their time and attention in the conduct of the affairs of the said Partnership Firm of the partnership and shall be entitled to draw yearly Profit/ remuneration as mentioned in aforesaid clause 8 of this present.
20. All the partner are deemed to be a working partners of the said partnership Firm and entitled to drew yearly remuneration as per Section-40(b) of the Income Tax Act, as under.
On the first Rs.75,000/- of the Book Profit or in case of loss
Rs.50,000/-or at the @ 90% of the book profit whichever is more.
On the next Rs.75,000/- of the Book profit
At the @ 60% of the Book profit
On the balance Book profit
At the @ 40%
21. The yearly Profit/ remuneration payable to the partners hereto shall be due and credited in their respective Bank accounts at the close of the accounting year when the final accounts of the partnership are made up and the amount of Profit/ remuneration due to them are determined.
22. Each partner shall:-
a) Punctually pay their private debts and indemnify the other.
b) Forthwith pay all monies, cheques and negotiable instruments received on account of the firm into the Bank Account of the firm.
c) Be just and faithful to the other and at all times give to the other partner full information and true explanation of partnership firm and afford every assistance in their power in carrying on the business for their mutual advantage.
23. No partner shall without the consent of the other partner lend money or delivery on credit any of the goods of the firm to any firm or person when the other partners shall have previously forbidden his trust and enter any bond or become bail or surety of person or knowingly cause or suffer to be done anything whereby the property of the firm may be endangered.
24. Notwithstanding anything stated and/or provided herein all the partners hereto shall have full powers discretion to modify, alter or vary the terms and conditions of this Partnership Deed in any manner whatsoever they think fit by mutual agreement which shall be reduced in writing and signed by all the partners whereupon such writing shall become appended and part of this Partnership Deed.
25. All disputes arises between the partners or a partner during or after the partnership in relation to the interpretation or effect thereof or any act of communication or otherwise or any act which ought to be done by the any part of the partners hereto in dispute touching the partnership affairs, shall be referred to the sole arbitrator mutually appointed by the partners hereto or appointed by any two consenting partners hereto. The award passed by the said sole arbitrator shall be final and binding upon all the partners hereto and/or their legal representatives. The arbitration shall be subject to the Indian Arbitration and Conciliation Act, 1996 or any other act relating to arbitration for the time being enforce. The said arbitration will be held in Mumbai and in English language.
IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands on the day and the year first hereinabove written.
SIGNED, SEALED AND DELIVERED BY )
the within named Partner of the )
PARTNER OF THE FIRST PART )
MR. ------------------------------------------ )
in presence of )
1.
2.
SIGNED, SEALED AND DELIVERED BY )
the within named of the )
PARTNER OF THE SECOND PART )
____________________________________ )
in presence of )
1.
2.
SIGNED, SEALED AND DELIVERED BY )
the within named Partner of the )
PARTNER OF THE THIRD PART )
__----------------------------------------------- )
in presence of )
1.
2.
Witnesses:
1.
2.
DEED OF PARTNERSHIP