Right Partnership Deed

PARTNERSHIP DEED
THIS DEED OF PARTNERSHIP IS MADE on this day 20

th
day of November, 2012 by and
between
Mr. Yakub L. Omar hereinafter referred to as party of the FIRST PART (which expression
shall deem and include his heirs, executors, administrators, representatives, assigns and agents),
AND
Mr. Deusdedict C. Ulomi, Party of the SECOND PART (which expression shall deem and
include his heirs, executors, administrators, representatives, assigns), AND
Mr. Charles E. Nyange Jr, Party of the THIRD PART (which expression shall deem and
include his heirs, executors, administrators, representatives, assigns), AND

WHEREAS the above named partners have decided to start the partnership business of
consulting and business growth services in the name and style of RIGHT BUSINESS
CONSULTANCY with effect from 3
rd
December, 2012 on the terms and conditions hereinafter
mentioned and have desired to reduce the terms and conditions into writing

NOW THIS INDENTURE IS WITNESSETH AS FOLLOWS:
1. THAT the PARTIES referred above shall carry on the business of consulting and business
growth services in the PARTNERSHIP FIRM under the name and style of RIGHT
BUSINESS CONSULTANCY hereinafter referred to as a firm), But their mutual consent
may start and carry on any other business under other name or names at any other place
or places.
2. THAT the business of the PARTNERSHIP pursuant to this deed of the PARTNERSHIP
shall be deemed to have commenced with effect from 3
rd
December 2012.
3. That the capital required for the business of the Partnership shall be contributed time to
time by the PARTIES in such a manner in all respect as may be agreed to between them
and other agreement deemed necessary in the future.
4. That all PARTIES referred above shall be working partners and shall attend diligently to
the business of the partnership and carry on the same for the greatest advantage of the
firm.
5. That all the WORKING PARTNERS may be paid salary with effective from 31
st

February 2013, for the work if the FIRM as may be agreed mutually from time to time
between the PARTIES in accordance with the provisions of the Income Tax laws of
Tanzania as well business necessities and other factors, subject however, that the monthly
salary to each such partner shall not exceed as under:

NAME OF WORKING PARTNER MAXIMUM BASIC SALARY NOT EXCEED
A. Mr. Yakub Leslie Omar Tshs. 300,000/- per month
B. Mr. Deusdedict C. Ulomi Tshs. 300,000/- per month

C. Mr. Charles E. Nyange Jr Tshs. 300,000/- per month
6. That all business expenses shall be borne by the FIRM.
7. That the profits or losses, as the case may be, of the Partnership business shall be divided
among the Partners as under:

NAME OF PARTNER SHARE OF PROFIT SHARE OF LOSS
A. Mr. Yakub L. Omar 30% 30%
B. Mr. Deusdedict C. Ulomi 30% 30%
C. Mr. Charles E. Nyange 30% 30%
8. That the duration of the PARTNERSHIP shall be at WILL subject to clause 9.
9. That any partner my retire from the partnership after giving a notice to the other
Partner(s) of not less than two months in writing and at the expiry of such notice period
he shall be deemed to have retired.
10. Upon mutual understanding, each partner or his duly authorized agent shall have free
access to the account books of the partnership and shall be entitled to take copies or
extracts from any or all such books and records of the Partnership Business.
11. That no Partner shall have the right to sell, mortgage or transfer his share of interest in the
FIRM to anyone else except to his heir or heirs or any one of the existing Partners or to
their heir(s). In the event of heir(s) selling his/her share to anyone else, the existing
Partners shall have the right or pre-emotion in respect of such share(s) sold.
12. That the Partners shall keep or cause to be kept the books of account of the FIRM at the
principal places of its business and make all entries therein, and that all such books of
accounts kept shall be closed on 14
th
December every year or in the case of any necessity
on any other date as the Partners may mutually decide.
13. That no Partner shall do any activity that is against the mutual consent of the
Partners/FIRM, then the Partner shall be solely responsible for the action committed by
him/her and the FIRM will not be prejudicially affected.
14. That no Partner shall do any act or thing whereby FIRM or the FIRM property may be
prejudicially affected.
15. That the terms of the Partnership Deed may be altered, added to or cancelled by the
written consent of the Parties to this DEED.
16. That the Partners can open the bank account of the firm, in any bank and bank account
shall be operated by the partners jointly or individually as the case may be.
17. That the Partners shall not take any loans from any person/ Financing Company, bank or
any other Government department in any case, without the written consent of each
Partner.
18. That in the case of any dispute arising out of this DEED between the parties of this
DEED, it shall be decided by Arbitration as provided for under the ARBITRATION
ACT OF TANZANIA.

IN WITNESS WHEREOF the parties hereto have set and subscribed their respective
hands to these presents of the day, month and year first written above.

WITNESSES: PARTNERS
1. Mr. Yakub L. Omar
........ (PARTY OF THE FIRST PART)

2. Mr. Deusdedict C. Ulomi

(PARTY OF THE SECOND PART)

3. Mr. Charles E. Nyange Jr

(PARTY OF THE THIRD PART)

Right Partnership Deed

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PARTNERSHIP DEED

THIS DEED OF PARTNERSHIP IS MADE on this day 20

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