M.Com III Semester Code No.: I-755, Subject : Documentation and Reporting

PARTNERSHIP DEED

 

This deed of partnership is executed at Bulandshahr on the  --------- Day of ------- Two thousand --------------- amongst / between: -

 

1.      Sri ------------------------------------- S/o Sri --------------------------------- R/o ---------------------------------------------------- here in after called the party of the first part;

 

2.      Sri ------------------------------------- S/o Sri --------------------------------- R/o ---------------------------------------------------- here in after called the party of the second part;

 

WHEREAS the above mentioned parties of the --------------------------------------, parts to this deed have joined their hands, on contractual basis to start the business in partnership under the name & style of M/S --------------------------------------, and mutually settled the terms thereof.

 

AND WHEREAS it has been considered expedient and desirable to reduce the terms & conditions, governing to this deed, into writing in order to avoid the disputes, if any, that may arise in future.

 

NOW IT IS HEREBY AGREED UPON BY & BETWEEN THE ABOVE PARTIES AS UNDER: -

 

1.      That the business of partnership has and shall be deemed to have been commenced on and from ----------  Day of ---------- ------- and shall be one “AT WILL”

2.      That the business of partnership firm shall be ------------------------------------------------------------------- & other allied activities. Provided further that the partners, by common agreement, may start business in any other line or lines, or may commence any other trade, commerce or industry, as may be deemed suitable for the firm’s business and under such other trade names as may mutually be agreed upon.

3.      That the name & style of the partnership business shall be M/S ------------------------------------, or such other name or names as all the parties hereto may mutually decided, from time to time.           

 

 

 

 

 

 

 

 

 

 

4.      That the principal place of partnership business shall be situated at ---------------------------------------------. Provided always that the partners hereto, by common agreement shall be competent to change the place of partnership business at any other place or may open/start any branch at such other place or places as may be deemed necessary for the efficient running and conduct of the partnership business.       

5.      That the capital of the partnership firm shall be as per individual accounts of the partners in the books of the firm. That means the capital of the firm shall be contributed by the partners as may mutually be agreed by and between the partners. And the partners shall be entitled an interest @ 12% per annum on the balance in his / her capital account with the firm, on any money deposited by them with the firm or any loan advanced by them to the firm or on their share of profits, interest on capital and / or remuneration, not withdrawn and allowed to be retained and utilized by the firm for the purpose of its business. Interest  shall not be paid or paid at such lower rate as may be agreed by and between the partners in case of loss or in case the profits available before providing for such interest are not sufficient.

 

6.      That -------------------------------- parts to this deed have agreed to devote time & attention and will attend diligently to the business of the partnership and carry on the same for the greatest advantage of the firm. It means that the parties of the ----------------------- parts to this deed shall be working partner. It is hereby agreed that in consideration of devoting time & attention to the business of the partnership firm, they shall be entitled to remuneration, which shall be calculated in the following manner :-

a)      In case, the book profits does not exceed Rs. 1,50,,000/- the entire amount of the books profit shall be paid as remuneration.

b)      In case, the book profits exceed Rs. 1,50,000/-, the remuneration shall be computed in the following manner :-     

 

i)        On the first Rs. 3,00,000/- of the

      Book profit                                                 >>>     Rs. 1,50,000/- or at the rate

of 90 percent of the books profits, whichever is more;

ii)   On the balance of book profit                      >>>     At the rate of 60 percent

of the profit, and          

The book profit for the purpose of this clauses would mean as defined in explanation 3 to section 40(b) of the Income Tax Act, 1961, as introduced by the

                                                                                                           

 

 

 

 

 

 

Finance Act, 1992. The remuneration so calculated shall be distributed by all the partners as under –

1.  Sri                                                   >>>                 %

2.  Sri                                                   >>>                 %

 

 

 

 

The remuneration so payable shall be credited equally to the capital accounts of the partner at the close of the accounting year when the final accounts of the partnership firm are made and the amount of the remuneration due to them is determined. However no remuneration shall be paid/credited to the working partner, in case of loss to the partnership firm.                                                                                                                                                                                    -

7.      That the accounting year of the firm’s business shall be English Financial year i.e. from 1st April to 31st March. The first year of the partnership business shall be closed on 31st March 20----.

                                                               

8.      All necessary & proper books of accounts shall be kept and maintained by the firm in respect of the partnership business, wherein shall be entered particulars of all monies, goods, effects belonging to or owning by the partnership or paid, received, sold or purchased in the course of the partnership business and of such other transactions, matters and things relating to the said business as are usually entered in the books of accounts, kept by the persons engaged in the business of the like character. The said books of accounts, together with all letters, papers or writing concerning or belonging to the partnership shall be kept at the principal place of business of partnership and each partner shall at all reasonable times, have free  access to and the right to inspect and take copy of the same.

 

9.      That the books of accounts shall be closed at the end of every year on 31st Day of March every year and the profits or losses shall be ascertained and carried to the account of the parties hereto in proportion to their respective shares as stated here in after.

 

10.  That the banker of the partnership business shall be such bank or banks as may mutually be agreed upon by the parties to this deed. The bank account shall be operated by ---------------------- parts to this deed jointly or severally as may mutually be decided by the partner from time to time.

                                                                

11.  That the parties of the ----------------------------,  parts to this deed shall be competent to sign, all the papers and documents including Tenders / Agreements concerning the Central Government, State Government, Local Authority, Body Corporate and/or body or bodies of individuals and such papers and documents shall be relating to the affairs of the firm’s business.                             

 

12.  That the partnership firm may enter into any agreement/contract, purchase any movable or immovable properties and/or assets in the name of any partner or partners severally or jointly and all such assets shall be legally belonging to the partnership firm.                                     

 

13.   Notwithstanding anything contained in clause 5 & clause 6 of this instrument, the profits and losses of the partnership firm including the loss of capital, if any, shall be shared by the parties to this deed as under:-

 

1.  Sri                                                   >>>                 %

2.  Sri                                                   >>>                 %

 

14.  That the death, retirement or insolvency of any partner shall not dissolve the   partnership firm.

 

15. That none of the partners, without the written consent of all the partners shall :-

 

Ø      Assign, mortgage or charge his share in the assets of the firm; or

Ø      Except in the ordinary course of the business lend money belonging to the firm; and or

Ø      Except in the ordinary course of the business, dispose-off by pledge, sale or otherwise any of the partnership properties or profits.                

                                                               

16. That any partner can retire from the firm by giving at least two month’s notice in writing to the remaining partners, and he/she will not be entitled for any share of goodwill of the firm. His / her account will be settled as per the balance outstanding in the capital account on the date of retirement after meeting the necessary adjustments for profits/losses, which shall be due as on the date of his retirement.

 

17. That every partner shall pay his personal debts separately and shall indemnify the other parties against the liabilities, or losses accruing on his personal acts and each of the partner shall be just and faithful to each other and shall render true explanations of all matters to the partnership business.

 

18. That in case of death of any of the parties hereto, the partnership firm shall not be dissolved, but the legal heir(s) of the deceased partner, shall be admitted to the partnership, in place and instead of the deceased partner and subject to such terms and conditions as may be mutually agreed upon by the surviving partners concerned and the legal heir(s) of the deceased partner. In case, the legal heirs of the deceased partner are not willing to become the partner, the account of the deceased partner shall be settled as per the terms mentioned in para no, 16 supra.

                                                           

19. That any other terms & conditions, not mentioned herein shall be governed by the Indian Partnership Act, 1932.

                                                             

20. That the partners interse shall be competent to enter into mutual agreement oral and/or written on matters relating to their relation as partner and/or to vary and/or alter and/or suspend any of the terms to this deed and/or any other matter, cause or thing, not mentioned herein or otherwise provided for and such matters, cause or things shall be relating to the affairs of the partnership business, and for this specific purpose, no fresh deed is required to be executed, but only an addenda to this deed shall be sufficient on a stamp paper of Rupees One Hundred only.

 

21. That all disputes, difference, whatsoever, which shall either during the tenancy of partnership or after the termination thereof, may arise, amongst the partners or their respective representatives, or between any partner and the representative of the other partner, shall be settled by Arbitration under the provisions of the Indian Arbitration Act, 1940, as amended from time to time.

 

IN WITNESS WHEREOF the parties hereto have set and subscribed their respective hands & signature on the day, month and year first above written.

 

WITNESSES :                                                                  PARTNER :

 

 

 

1.         _____________________                                (                                  )

 

            _____________________                 

                                    

  (                                   )

2.         _____________________                                                     

                                                                         

            _____________________                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MEMORANDUM OF GIFT

 

Be it  known to all concerned that I -------------------------- W/o Sri ----------------------------                       resident of ------------------------------------------------  do hereby  make a  declaration that on account of natural love & affection have gifted away a sum of Rs.----------------(Rupees --------------------------------- only) vide cheque No. ------------------- dt, ---------------------- drawn on -------------------, --------------------- the sole & exclusive benefits of ---------------------------- S/o Sri ------------------------------- R/o ---------------------------------- who is ------------------------. (PAN-                             )

 

The said amount has been gifted away to the benefits of Mr./Mrs. ------------------------ and he is free to use this money in any manner. He likes and I shall have no right or interest thereon,. whatsoever.

 

The said gift has been made by me voluntarily and without any valuable consideration, out of my personal money over which I had full possession to deal within any manner. I have physically handed over the cheque to Mr. / Mrs. --------------------------.

 

In witness whereof I, Above named, after fully understanding the nature & contents of this declaration, sign this deed of declaration on this --------------------- day of -------------- at Bulandshahr in presence of witnesses,

 

WITNESS:

 

1,        

 

 

2,                                                                                             (                                )

                                                                                                                    Donor

 

I, --------------------------- S/o Sh.  R/o ----------------------------------------------------- do hereby accept the cheque of gift of Rs, --------------------, so kindly given by ----------------, who is my -------------------------.    

 

 

 

                                                                                                (                               )

                                                                                                                   Donee

 

 

 

LEASE DEED

 

            This Deed of Lease is made on this ------------------------------- between -------------- having its Registered Office of ------------------------------------------------------------------- (hereinafter called the Lessor) of the first part, and --------------------------------------------, having its Registered Office at --------------------------------------------, R/o -------------------------------- (hereinafter called the lessee) of the second part;

 

            Whereas the lessor is the owner of Building situated at --------------------------------------------------------------------------------.

 

NOW IT IS AGREED AND DECLARED as follows:-

 

1.       Commencement  - That the lessor has agreed to let and the lessee had agreed to take on lease the ground floor of the aforementioned building (except lift area & basement the said lease is to commence on 10th Dec. 2008 and shall be for the duration of eleven months from the said date The lessee shall use the building only to carry medical profession. The lease period is renewable for a further period of eleven months on the terms & condition, as the party of the first part & party of the second part may decided & agreed upon. 

 

2.       Rent:_ That the lessee has undertaken to pay the sum of Rs. 60000/- per month as rent per month to the lessor on or before the 10th day of each month in advance. The rent for the first month having been paid on the date of the execution of the lease, the receipt whereof the lessor hereby acknowledges.   

 

3.       Security:

That the lessor shall pay a security equivalent to one month rent, which shall be refunded / adjusted in rent at the time of termination of Lease Agreement.      

              

4.       Repair:- The lessee shall keep the premises in good repair and shall deliver vacant possession thereof to the lessor on termination of the aforementioned period of the lease or in case the lessor gives or delivers a notice of one month to the lessee to vacate the premises; the lessee may also redeliver the possession of the house to the lessor earlier than the date fixed for the termination of this lease, provided he given a notice to the lessor intimating his intention to vacate the premises on the expiry of the period mentioned in the notice.

 

5.       Sub-letting:- The lessee shall not be entitled to sub-let the premises to any other person except with the written consent of the lessor previously obtained.

 

6.       Holding over: - In case lessee holds over or does not deliver possession of the house on the expiry of the period fixed in this lease or on determination of the tenancy as provided above, the lessee shall continue to be liable for payment of the rent (25% more than fixed rent) proportionately for the period if the lessee so remains in possession or deprives or prevents the lessor from taking vacant possession of the said premises.

 

7.       Inspection:- The lessor shall be entitled to inspect the premises at all reasonable times. The lessee shall have the premises white – washed and effect the repair, if any, and keep all the fixtures and electric fittings, water connection in good running condition and shall pay all charges, duties, taxes, that may, in law, be payable by him or imposed in respect of the said premises or which lessor is not necessarily bound to pay.

 

8.       That common area and entry including stairs etc. shall be used by lessor and lessee.

 

IN WITNESS WHEREOF the lessor and the lessee have executed this deed of lease which shall be binding on them and their respective successors-in-interest   

 

 

1.         _______________________              Lessor ..................................

           

            _______________________ 

 

2.         _______________________              Lessee ..................................

 

            _______________________                                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GENERAL POWER-OF-ATTORNEY

KNOW ALL MEN etc. that I, X.Y. etc. appoint Q.R. etc. my attorney in my name and on my behalf to execute or do all or any of the acts or things hereinafter mentioned, that is to say--

1.              To appear and act in all the courts, civil, revenue or criminal, whether original or appellate, in the registration offices. and in any other office of Government or District Board, Municipal Board or Notified Area or any other local authority;

2.              To take delivery of possession of property in execution of my decrees or of property purchased for me at an auction-sale;

3.              To obtain refund of stamp duty or repayment of court fees;

4.              To compromise, compound or withdraw cases, to confess judgments and to refer cases to arbitration;

5.              To appoint any advocate, pleader, or any other legal practitioner;

6.              To file and receive back documents, to deposit and withdraw money, and to grant receipts therefor;

7.              To realise debts due to me, to collect rents from my tenants of houses and land and to receive any money due to me from any other person and to grant receipts and discharges for the same;

8.              To sign and verify plaints, written statements, petitions of claims and objections, memorandum of appeal and petitions and applications of all kinds and to file them in any such court or office;9. To purchase property at court auction-sales in execution of my decrees up to the amount of the decree;

10.            To grant lease of my house property, lands agricultural and non-agricultural;

11.            To file suits for rent and ejectment of tenants, and, when expressly instructed by me, other kinds of suits;

12.            To apply to courts and officers for copies of documents and papers;

13.            To accept service of any summons, notice or writ issued by any court or officer against me; and

14.            To distrain the crops of my tenants for arrears of rent;

15.            To apply for the inspection of and to inspect judicial records;

16.            To nominate and to give consent to the appointment of a patwari, lambardar, mukhia or chaukidar;

17.            Generally to do all lawful acts necessary for the above mentioned purposes.

PROVIDED that the powers hereby conferred shall not extend to-

(A)       granting of a lease of house property for a term over..........................................years or reserving a monthly rent exceeding Rupees...................................................;

(B)       granting of an agricultural lease for a term over................................................... years or reserving a yearly rent exceeding Rupees...........................................;

(C)       borrowing any money or hypothecating any property or creating any charge thereon.

(D)       compromising or withdrawing a claim valued at more than Rupees............................................................................. or involving property of a value exceeding Rupees...........................................................

AND PROVIDED ALSO that the said attorney shall keep a true and correct account of all income and expenditure and shall render an account of all income and expenditure to me annually and shall pay me monthly all balances of money in his hand;

AND I hereby agree that all acts, deeds and things lawfully done by my said attorney shall be construed as acts, deeds and things done by me and I undertake to ratify and confirm all and whatsoever that my said attorney shall lawfully do or cause to be done for me by virtue of the power hereby given.

In witness hereof I have signed this deed on this........................................................... day of....................................................................

SINGATURES