Partnership Deed Between Two Active Partners: Sales & Service

PARTNERSHIP DEED BETWEEN TWO ACTIVE PARTNERS
THIS DEED OF PARTNERSHIP made on this 05th May, 2018 between:

1. Mr. Sathish H G, S/o Late Ganesh. C, hereinafter called the First Partner
2. Smt. Kamalamma. P W/o Late Ganesh. C, hereinafter called the Second Partner; and
WHEREAS the first and second partner are running a Tractor dealership in partnership under
name Janapriya Tractors, Spares, Sales & Service at Belur (Hassan dist) w.e.f. 05th May,
2018.
AND WHEREAS all the two partners above named are interested to enter into partnership;
NOW THIS DEED OF PARTNERSHIP WITNESSES AS UNDER:
1. That the business of the firm aforesaid is and shall be deemed to have commenced
with effect from 05th May 2018.
2. That the name and style of the business of the firm is Janapriya Tractors, Spares,
Sales & Service.
3. That the principal place of the business is and shall be at Belur (Hassan dist).
4. That the principal business of the firm is Belur (Hassan dist) and shall purchase and
sales of Tractors, Trailers, Agriculture implements, Tractors equipment’s and accessories.
5. That the capital investment of the partners is as under: -
(a) Mr. Sathish H G
(b) Smt. Kamalamma P
6. That the further capital, whenever, necessary shall be invested by the partners equally.
7. That the share of profit of the partners in the firm is and shall be as under: -
(a) First partner – Sathish H G (50%)
(b) Second partner – Kamalamma P (50%)
8. That the First and Second Partner shall be paid monthly salary of Rs. 38,000
9. That the account of the firm is and shall be maintained in English under mercantile
system, but if the partners so decide, it can be changed to any other system or language
considered more convenient by the partners in future.
10. That the accounting period of the firm is and shall be Financial Year i.e. from 1st
April to 31 March.
11. That the First and Second partner shall be the working partners and shall work
honestly and diligently towards the benefit of the business of the firm.
12. That the books of account of the firm are and shall be kept at the principal place of
business of the firm and the two partners shall have the access on them by right.
13. That none of the partners, so long remains a partner of the firm can carry on any other
business directly or indirectly similar to or competitive of the business of the firm.
14. That the partnership is at will and any partner can retire from the business of the
partnership, firm after giving 45 days prior notice to the firm or the partners, showing his/her
intention to retire from the business of the firm and since then (on completion of 45 days)
he/she shall not be entitled to profits or liable to the losses of the firm and remaining partners
shall have the right to manage the business under partnership and can add new partner/
partners also.
15. That the firm shall not be closed either by death or retirement of the partners but shall
continue to run either with or without successor or successors of such deceased or outgoing
partner or partners.
16. That the bank account, shall be operated by the partners severally.
17. That all the matters of dispute regarding partnership business shall be decided by the
arbitrators duly appointed by the partners.
18. That save the matters provided for in this deed of the partnership, the partnership shall
be governed by the Indian Partnership Act, 1932 and the rules made thereunder or under law
for the time being in force. We, the above named partners, do hereby agree to all the terms
and conditions stated above without any duress or under compulsion with our own sweet will
and after fully understanding the terms of this deed of partnership and bind ourselves, our
heirs, assignees and legal representatives in witness whereof, we do hereby put our hands
together on this 05th May 2018 in the presence of the following witnesses: -
WITNESSES:
1st Partner – Sathish H G
2nd Partner – Kamalamma P

Partnership Deed Between Two Active Partners: Sales & Service

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PARTNERSHIP DEED BETWEEN TWO ACTIVE PARTNERS

THIS DEED OF PARTNERSHIP made on this 05th May, 2018 between:

1st Partner – Sathish H G

2nd Partner – Kamalamma P

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