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Partnership Deed

Mr. Sakhsham Gahlot and Mr. Gopal Singh have entered into a partnership deed to start a jewellery business called M/s Kalayanam Jewellery. Mr. Gahlot owns a property that will be the principal place of business. Both partners have contributed Rs. 12 lakh initial capital each. Profits and losses will be shared equally at 50% each. Mr. Gahlot will manage day-to-day operations and receive a Rs. 50,000 monthly salary. The partnership can be dissolved by either partner giving 30 days notice.

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6K views3 pages

Partnership Deed

Mr. Sakhsham Gahlot and Mr. Gopal Singh have entered into a partnership deed to start a jewellery business called M/s Kalayanam Jewellery. Mr. Gahlot owns a property that will be the principal place of business. Both partners have contributed Rs. 12 lakh initial capital each. Profits and losses will be shared equally at 50% each. Mr. Gahlot will manage day-to-day operations and receive a Rs. 50,000 monthly salary. The partnership can be dissolved by either partner giving 30 days notice.

Uploaded by

Sharad panwar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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PARTNERSHIP DEED

THIS DEED OF PARTNERSHIP is executed at Udaipur on this 21st day of April, 2021
BETWEEN
Mr. Sakhsham Gahlot, son of Mr. Sampat Gahlot, aged 37 years R/o 75, Gulabi Nagar,
Udaipur hereinafter called ‘ the First Party’ which expression shall mean and include his
heirs, successors, executors and legal representatives.
AND
Mr. Gopal Singh, son of Mr. Harpreet Singh, aged 38 years R/o 254, Raja Park, Jaipur
hereinafter called ‘the Second Party’ which expression shall mean and include his heirs,
successors, executors and legal representatives.
AND WHEREAS the first party is in occupation as owner of property measuring 1200 sq. ft,
having two floors at 73, Delhi Gate Udaipur.
AND WHEREAS the first party wishes to run a business of jewellery and the Second Party,
having faith in the idea agrees to invest in the business with him jointly in partnership.
AND WHEREAS the first party and M/s Tanishq already has a MoU finalized and
operational in place.
AND WHEREAS the parties have agreed to commence and run business selling and buying
of jewellery, manufacturing jewellery, polishing of jewellery, repair and restoration of
jewellery in partnership.

NOW, THEREFORE THIS DEED WITNESSES AS UNDER:


1. The name and style of this partnership business shall be M/s Kalayanam Jewellery.
2. The business of this partnership shall be considered to have commenced on the 30th
day of April, 2021.
3. That the principal place of business of this partnership shall be at 73, Delhi Gate
Udaipur. This shall be the permanent place of business unless extraordinary natural
forces like earthquakes, floods, tsunami, tornados, act of god etc. forces the partners
to shift or carry the business elsewhere subject to the consent of both the parties from
time to time.
4. That the business of partnership shall be selling and buying of jewellery,
manufacturing jewellery, polishing of jewellery, repair and restoration of jewellery.
However, the parties will also be entitled to extend their activities into business or
manufacturing of any other item related to jewellery as well.
5. The shares of the parties in profit and losses shall be as follows:
i. First Party – 50%
ii. Second Party – 50%
6. The initial capital has been contributed by the parties by investing a sum of Rs.
12,00,000/- (twelve lakh rupees) each. If and when more funds are required for the
business, the partners shall invest the same. However, any capital investment of the
partners shall not carry any interest.
7. In case loans or deposits are raised from outside i.e. friends and relations of the
partner or the financial institutions then only those loans or deposits, which are taken
with the written consent of both the partners and are entered in the books of accounts
of the partnership, shall be binding on the firm. The partnership shall maintain regular
books of accounts in accordance with the customs of trade and all dealings of the
partnership shall be duly recorded in the same. The account books etc. shall be
maintained in the place of business at 73, Delhi Gate, Udaipur.
8. Each of the partners shall be entitled to withdraw a sum of Rs. 2,00,000/- (Two
Lakhs) every year which shall be adjustable in the final profit and loss account to be
prepared annually.
9. That the first party shall also be entitled to withdraw a sum of Rs. 3,00,000/- (Three
Lakhs) every year towards the amount he is paying to the Tanishq for obtaining the
franchise and using the name at 73, Delhi Gate, Udaipur.
10. That the First Party would be incharge of the business and would manage day-to-day
affairs. However, the second party would be entitled to inspection of business and
account books at any point of time. In furtherance to this duty the First Party would be
entitled to a monthly salary of Rs 50,000/- (Fifty Thousand rupees) which shall not be
included in the profit or loss that the first party would be subjected to at the end of
financial year.
11. That the decision related to the administration except for the appointment of Manager
would be the sole prerogative of the First party. In case of the Manager, consent of
both the parties would be necessary for the appointment.
12. That the ownership rights in respect of property No 73, Delhi Gate, Udaipur as well as
the rights over the franchise shall always vest in the First Party and whenever the
partnership is dissolved for any reason whatsoever, the Second Party shall not be
entitled to any right title or interest in the same.
13. That the partnership shall maintain proper books of accounts in normal course of
business at the principal place of its business and the same shall always be open for
inspection to the partners.
14. That the first accounting period of the partnership shall close on 31st March, 2022 and
thereafter the financial year shall run from 1st April every year to 31st March of the
subsequent of the English Calendar.
15. That the bank accounts of the partnership and/or its branches shall be operated under
the signatures of any of the partners.
16. That at the close of the accounting period/year, a trial balance, profit and loss account
and balance-sheet etc. shall be prepared and the profit and loss in ratio enumerated
above, shall be credited/ debited to the capital account of the partners.
17. That either of the parties would not be entitled to carry on similar or competitive trade
individually or in partnership and in any other manner.
18. The partnership shall be at Will. However, whenever any party intends to dissolve the
same or retire from the same, he shall give an advance notice of 30 days to the other
party and during the period of notice, profit and loss account, balance sheets shall be
completed to finalize the accounts in between the parties as well as with the outsiders.
19. That in the event of any dispute arising between the partnership with respect to any
clause of this document or the working of the partnership or for anything indicated
thereof, the same shall be decided by arbitration in accordance with the provisions of
the Arbitration Act and by no other process.
20. That in all other matters not provided herein, the partnership shall be governed by the
Indian Partnership Act as applicable from time to time.

IN WITNESS WHEREOF the parties have signed this document on the date first above
written in presence of the following witnesses.
Sakhsham: FIRST PARTY
Gopal Singh : SECOND PARTY
WITNESSES:
1. Ram, S/o Dashrath, aged 49, permanent resident of Ayodhya, Uttar Pradesh,
temporarily residing at 71, Delhi gate, Jaipur.
2. Bheem, S/o Pandu, Aged 29, permanent resident of Hastinapur, Uttar Pradesh
temporarily residing at 60, Dholapur, Jaipur.

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