DEED OF PARTNERSHIP CONVERTING FAMILY BUSINESS TO A PARTNERSHIP ONE AS A RESULT OF FAMILY ARRANGEMENT
THIS INDENTURE made this 1st day of ……….., 20………, at ………….. by and between:
1. Shri ..............................., S/o.............................., resident of.........................., hereinafter referred to as the FIRST PARTNER:
2. Shri ........................, S/o........., resident of ........................., hereinafter referred to as the SECOND PARTNER:
3. ........................, widow of .............. resident of ........................, hereinafter referred to as the THIRD PARTNER:
4. And ......................., S/o.............., resident of ........................., hereinafter referred to as the FOURTH PARTNER:
WHEREAS in pursuance of a Family Arrangement arrived at BETWEEN:
1. ................, widow of ..........................
2. ................., son of ....................
3. ..................., widow of ...................
4. ......................., son of ........................
On the ....................... day of……….the business known as M/s. ..................,......... along with all the branches has been converted into a partnership concern and the assets and liabilities thereof, including the building known as ............................had become the property and liability of the partners hereof in the proportions as under:
1. ...................... share.
2. ..................share
3. ....................share.
4. ..................... share.
AND WHEREAS the partners hereof named above have accordingly been since the .................day of …………on the terms and conditions appearing hereinafter.
NOW, THEREFORE, the partners hereof named above do hereby agree and declare that the following are the agreed terms and conditions of partnership in accordance with, and subject, to which the business of the partnership has been, is being and shall hereafter be carried on:
5. All outgoing expenses of the firm shall be debited to the Profit & Loss Accounts of the firm.
6. All the partners shall attend diligently to the business of the partnership and shall carry on the same-ship for the greatest advantage of the partners.
7. All the partners shall, punctually pay and discharge their separate debts and liabilities and shall keep the firm effectively indemnified against the same.
8. The partnership shall keep proper books of accounts. The books of accounts, securities, vouchers, etc. shall be kept at the place of the business and be open to the inspection of each partner at all reasonable times with powers to take copies or make notes.
9. Death of any partner will not operate as dissolution of this partnership. The legal representatives of the deceased will be taken as partners.
10. In case of any dispute arising between the partners in respect of the business of this firm or any clause of this instrument the same shall be referred to and decided by the arbitrators. Each partner in dispute shall appoint an arbitrator. In case of any difference of opinion between the arbitrators, the points of difference shall be referred to an umpire, nominated, by the arbitrators, before entering upon the proceedings of arbitration, whose decision on such points shall be final and conclusive and binding on the partners
IN WITNESS WHEREOF the partners named above do hereby set their hands on the day, month and year first mentioned herein above in the presence of the witnesses:
WITNESSES:
1............
2............
PARTIES:
First Partner.
Second Partner.
Third Partner.
Fourth Partner.
