PARTNERSHIP AGREEMENT BETWEEN A PARTNERSHIP FIRM

AND A HINDU JOINT FAMILY

THIS DEED OF PARTNERSHIP made at ... on thi ... da! o"... #et$een
M% A B & 'o. a (a)tne)hi( "i)m* +onitin, o" and )e()eented #! it (a)tne)
-./... -0/... -1/ he)eina"te) )e"e))ed to a the 2Pa)t! o" the Fi)t Pa)t. and M). B
)eidin, at ... and in hi +a(a+it! a the 3a)ta o) Mana,e) o" hi 4oint and
5ndi6ided Hind5 "ami7! he)eina"te) )e"e))ed to a the Pa)t! o" the Se+ond Pa)t2.
WHEREAS the Pa)t! o" the Fi)t Pa)t i +a))!in, on #5ine o"...............
in (a)tne)hi(.
AND WHEREAS the Pa)t! o" the Se+ond Pa)t i +a))!in, on imi7a)
#5ine o" ... and $hi+h i hi an+et)a7 #5ine.
AND WHEREAS the ad57t ma7e mem#e) o" the aid Joint Hind5 Fami7!
a)e in ... n5m#e) and ha6e +onented to the aid 3a)ta o" thei) "ami7! to ente) into
a (a)tne)hi( a,)eement $ith the Pa)t! o" the Fi)t Pa)t $ith a 6ie$ to e8(and the
aid #5ine and to +a))! it on a 7a),e +a7e a to a6oid +om(etition #et$een
them.
AND WHEREAS the (a)tie o" the Fi)t and Se+ond Pa)t ha6e. the)e"o)e*
()o(oed to +om#ine thei) )e(e+ti6e #5inee and to +a))! on the ame in
(a)tne)hi( on the te)m and +ondition he)eina"te) mentioned.
NOW IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES
HERETO AS FOLLOWS9
.. The Pa)tie ha77 a ")om the ... da! o" ... +om#ine thei) )e(e+ti6e
#5inee to,ethe) $ith a77 the aet and a,)ee to +a))! on the aid
#5ine In (a)tne)hi( #et$een the Pa)t! o" the Fi)t Pa)t on the one
hand and the Pa)t! o " the Se+ond Pa)t on the othe) hand.
0. The Pa)tne)hi( ha77 #e deemed to ha6e +ommen+ed ")om the aid date
and $i77 +ontin5e at the $i77 o" the (a)tie he)eto.
1. The aet In+75din, ,ood$i77 o" the #5ine o" the Pa)t! o" the Fi)t Pa)t
a)e 6a75ed at R... and the aet in+75din, the ,ood$i77 o" the #5ine o"
the Pa)t! o" the Se+ond Pa)t a)e 6a75ed at R... The )e(e+ti6e aet o"
the Pa)t! o" the Fi)t Pa)t and Se+ond Pa)t $i77 #e deemed to #e thei)
)e(e+ti6e +ont)i#5tion to the +a(ita7 o" the aid "i)m. I" an! +a(ita7 ,ain
ta8 I )e:5i)ed to #e (aid #! an! (a)t! he)eto on the 6a75ation o" hi
+a(ita7 +ont)i#5tion a a"o)eaid* the ame $i77 #e (aid #! that Pa)t!
e(a)ate7! and 5+h Pa)t! $i77 indemni"! and ;ee( indemni"ied the othe)
Pa)t! a,aint 5+h 7ia#i7it!. I" an! "5)the) +a(ita7 o) "inan+e i )e:5i)ed* the
ame $i77 #e +ont)i#5ted #! the Pa)t! o" the Fi)t & Pa)t! o" the Se+ond
Pa)t In the ame ()o(o)tion and $i77 +a))! inte)et at the )ate o" .<= (e)
ann5m o) at 5+h othe) )ate a ma! #e a77o$ed #! the In+ome Ta8 A+t.
>. The Pa)t! o" the Fi)t Pa)t $i77 #e )e()eented #! one o" the (a)tne) o"
that Pa)t! and he $i77 #e a5tho)ied #! the othe) (a)tne) o" the Pa)t! o"
the Fi)t Pa)t to )e()eent that Pa)t!. S5+h a5tho)ied (a)tne) ma! #e
+han,ed ")om time to time. The othe) (a)tne) ma! he7( in +a))!in, on the
#5ine o" the "i)m. Simi7a)7! the Pa)t! o" the Se+ond Pa)t $i77 #e
)e()eented #! the 3a)ta o" the Joint Hind5 Fami7! "o) the time #ein,. The
othe) mem#e) o" the aid "ami7! $i77 not #e +onide)ed a e(a)ate
(a)tne) o "a) a the Fi)m i +onide)ed and tho5,h the! ma! )ende) he7(
in +a))!in, on the #5ine o" the "i)m.
?. The #5ine o" the (a)tne)hi( ha77 #e +a))ied on In the name o" M%...
-he)eina"te) )e"e))ed to a the 2Fi)m2/ and the #5ine ha77 +onit o" ...
and o" 5+h othe) in+identa7 #5ine a the (a)tne) ma! ")om time to time
de+ide.
@. The o""i+e o" the (a)tne)hi( ha77 #e at ... The (a)tie ma! o(en #)an+he
at 5+h othe) (7a+e a the! ma! #e a,)ee 5(on.
A. I" an! Pa)t! ha77 +ont)i#5te mo)e amo5nt than hi ha)e in the +a(ita7. It
$i77 #e t)eated a a 7oan #! him to the Fi)m +a))!in, Inte)et at the )ate o"
.<= (e) +ent (e) ann5m.
<. The net ()o"it and 7oe o" the Fi)m $i77 #e ha)ed #! the (a)tie he)eto
In ()o(o)tion to thei) ha)e in the +a(ita7 o" the Fi)m that i to a! the
Pa)t! o" the Fi)t Pa)t $i77 #e entit7ed to ... ha)e and Pa)t! o" the Se+ond
Pa)t $i77 #e entit7ed to ... ha)e. The (a)tne) o" the Pa)t! o" the Fi)t Pa)t
#et$een theme76e $i77 #e entit7ed to thei) aid ha)e in the ()o(o)tion In
te)m o" thei) (a)tne)hi( a,)eement. The ha)e o" the Pa)t! o" the
Se+ond Pa)t $i77 #e the ()o(e)t! o" hi "ami7!. Net ()o"it $i77 mean ,)o
()o"it ea)ned in 5+h !ea) 7e the e8(ene o" the mana,ement o" the
#5ine in+75din, the )ent o" the ()emie o" the Fi)m in+75din, o5t,oin,
In )e(e+t o" the a7a)ie and $a,e o" the ta"". +ommiion (aid to
othe). and a77 othe) e8(ene In+5))ed In +onne+tion $ith the #5ine o"
the "i)m.
B. The a++o5ntin, !ea) o" the Fi)m $i77 #e ")om .t A()i7 to 1.t Ma)+h o"
ea+h 'h)itian +a7enda) !ea).
.C. At the end o" ea+h a++o5ntin, !ea) an a++o5nt o" the #5ine +a))ied on
in that !ea) DI #e made and a tatement o" a++o5nt name7! a Ba7an+e
Sheet and P)o"it and 7o A++o5nt $i77 #e ()e(a)ed and i,ned #! the
(a)tne). I" ne+ea)! o) )e:5i)ed #! 7a$ the a++o5nt $i77 #e ,ot a5dited
#! a 'ha)te)ed A++o5ntant.
... The #oo; o" a++o5nt and a77 othe) )e+o)d o" the Fi)m $i77 #e a7$a! ;e(t
at the o""i+e o" the Fi)m and $i77 #e o(en "o) in(e+tion #! an! o" the
(a)tne) he)eto at an! time.
.0. A77 the $o);in, ta"" 5+h a +7e);* (eon. a++o5ntant* +ahie)*
Ea7emen and othe) $i77 #e a(()o6ed #! the 4oint +onent o" the
a5tho)ied (a)tne) o" the Pa)t! o" the Fi)t Pa)t and the 3a)ta )e()eentin,
the Pa)t! o" the Se+ond Pa)t and thei) $a,e and a7a)ie and othe)
emo75ment $i77 #e "i8ed #! m5t5a7 +onent o" the aid (e)on.
.1. Ea+h o" the (a)t! he)eto ha77 E
-a/ (a)ti+i(ate and attend to the #5ine o" the Fi)m th)o5,h thei)
a"o)eaid )e()eentati6e to the ,)eatet +ommon ad6anta,e o" the
Fi)m.
-#/ #e 45t and "aith"57 to ea+h othe).
-+/ )ende) t)5e a++o5nt and "577 In"o)mation o" a77 mone! a""e+tin, the
Fi)m to the othe).
-d/ Indemni"! the Fi)m "o) an! 7o +a5ed to it #! $i7"57 ne,7i,en+e o)
")a5d in the +ond5+t o" the #5ine.
-e/ not +a))! on an! #5ine imi7a) to the #5ine o" the Fi)m o) an!
othe) #5ine an!$he)e $itho5t the +onent o" the othe) (a)t!.
-"/ attend to the #5ine o" he Fi)m di7i,ent7! and a+ti6e7!.
-,/ Not $ithd)a$ an! amo5nt "o) it o$n ()o"it #ene"it o) 5e a
)em5ne)ation o) othe)$ie $itho5t the +onent o" the othe).
-h/ #e entit7ed to #e indemni"ied #! the Fi)m In )e(e+t o" (a!ment
made and 7ia#i7itie In+5))ed #! him -i/ in the o)de) and ()o(e)
+o5)e o" #5ine o" the Fi)m* and -ii/ in doin, an! a+t "o)
()ote+tin, the Fi)m ")om 7o in eme),en+!.
.>. A77 the tan,i#7e and intan,i#7e aet o" the Fi)m in+75din, the ,ood$i77.
to+;EinEt)ade. #ene"it o" #5ine 7i+ene and (e)mit* #ene"it o"
+ont)a+t ente)ed et+. $i77 #e7on, to the (a)tie In the ame ha)e a
a"o)eaid and the ()o(e)t! o" the Fi)m ha77 #e 5ed #! the Pa)tie
e8+75i6e7! "o) the #5ine o" the Fi)m.
.?. E6e)! Pa)t! ha77 a++o5nt "o) the ()o"it ea)ned ")om an! t)ana+tion o" the
Fi)m o) ")om the 5e o" the ()o(e)t! in an! #5ine t)ana+tion o" the
Fi)m.
.@. I" an! (a)tne) o" the Pa)t! o" the Fi)t Pa)t othe) than the a5tho)ied
)e()eentati6e o) an! mem#e) o" the "ami7! o" the Pa)t! o" the Se+ond Pa)t
i a((ointed to do "577 time $o); o" the Fi)m* he $i77 #e (aid e(a)ate7! a
)em5ne)ation 5+h amo5nt a ma! #e a,)eed 5(on a77o$a#7e 5nde) the
In+ome Ta8 A+t a ded5+tion and 5+h )em5ne)ation $i77 #e t)eated a the
e8(ene o" the Fi)m.
.A. The Pa)t! o" the Fi)t Pa)t and Pa)t! o" the Se+ond Pa)t ma! d)a$ e6e)!
month. 5+h amo5nt "o) thei) o$n e8(ene a ma! #e a,)eed 5(on ")om
time to time and the ame $i77 #e ta;en into a++o5nt $hi7e a+e)tainin, the
ha)e In the net ()o"it o" ea+h (a)t! In the Fi)m.
.<. An! (a)t! he)eto ha77 not. $itho5t the +onent o" the othe) E
-a/ 5#mit an! di(5te $ith an! othe) (e)on to a)#it)ation o)
+om()omie o) )e7in:5ih the +7aim.
-#/ $ithd)a$ an! 5it o) 7e,a7 ()o+eedin, "i7ed #! the Fi)m*
-+/ admit an! 7ia#i7it! o" the Fi)m.
-d/ a+:5i)e o) di(oe o" an! immo6a#7e o) mo6ea#7e ()o(e)t!* e8+e(t
the to+; In t)ade in the o)dina)! +o5)e o" #5ine.
-e/ ente) into (a)tne)hi( o) othe) #5ine 5ni7ate)a77! $ith an! othe)
(e)on*
-"/ ai,n o) t)an"e) hi ha)e o) an! inte)et in the Fi)m* -,/ admit
an! (e)on a a (a)tne) In the Fi)m.
-,/ #o))o$ an! mone! "o) o) in the name o" the Fi)m. o) +)eate an!
e+5)it! o) +ha),e on the aet o" the Fi)m*
-h/ ente) into an! +ont)a+t e8+e(t +ont)a+t in the )e,57a) +o5)e o"
#5ine o" the Fi)m*
-i/ tand a a ,5a)anto) o) 5)et! "o) an! (e)on In the name o" the
Fi)m o) "o) and on #eha7" o" the Fi)m.
.B. The Pa)tie ha77 o(en in the name o" the Fi)m one o) mo)e a++o5nt
eithe) +5))ent* a6in, o) o6e)d)a"t o) +ah +)edit $ith one o) mo)e #an;
a ma! #e a,)eed 5(on #! the (a)tne) and the a++o5nt o) a++o5nt $i77
#e o(e)ated #! the a5tho)ied (a)tne) o" the Pa)t! o" the Fi)t Pa)t and the
3a)ta )e()eentin, the Pa)t! o" the Se+ond Pa)t 4oint7!.
0C. I" an! Pa)t! he)eto dei)e to dio76e the Fi)m he ha77 ,i6e to the othe) at
7eat th)ee month ()e6io5 noti+e to that e""e+t and on the e8(i)ation o"
the noti+e (e)iod the Fi)m ha77 tand dio76ed.
0.. I" the Pa)t! o" the Fi)t Pa)t I Ite7" dio76ed o) i ad45d,ed ino76ent o) i"
a77 the ma7e ad57t mem#e) o" the Pa)t! o" the Se+ond Pa)t a)e ad45d,ed
ino76ent* o) the)e i "577 (a)tition amon, the mem#e) o" that Pa)t!* thi
(a)tne)hi( ha77 a7o tand dio76ed.
00. On dio75tion o" the Fi)m* an a++o5nt $i77 #e made o" a77 the aet and
7ia#i7itie o" the Fi)m* and the aet $i77 #e o7d eithe) to an! o" the (a)tie
he)eto to an! othe) o5tide) and a"te) (a!ment o" the de#t and 7ia#i7itie*
the net a7e ()o+eed $i77 #e dit)i#5ted amon, the Pa)tie o" the Fi)t
Pa)t and Se+ond Pa)t In ()o(o)tion to thei) )e(e+ti6e In the +a(ita7 o" the
Fi)m a a"o)ementioned.
01. I" an! di(5te o) di""e)en+e ha77 a)ie #et$een the Pa)tie he)eto to5+hin,
the #5ine o" the Fi)m o) inte)()etation o" an! ()o6iion he)eo" o)
othe)$ie* ho$oe6e)* )e7atin, to the Fi)m and it #5ine. the ame ha77
#e )e"e))ed to a)#it)ation o" a +ommon a)#it)ato) I" a,)eed 5(on* "ai7in,
$hi+h to t$o a)#it)ato) one to #e a((ointed #! ea+h Pa)t! to the
a)#it)ation and the a)#it)ation ha77 #e ,o6e)ned #! the A)#it)ation &
'on+i7iation A+t* .BB@.
0>. The (a)tie ha77* a ea)7! a (oi#7e #5t In an! e6ent $ithin the
()e+)i#ed (e)iod ,et the Fi)m )e,ite)ed 5nde) the Pa)tne)hi( A+t. .B10.
a $e77 a 5nde) the In+ome Ta8 A+t* .B@.* and the a((7i+ation o) a
+e)ti"ied +o(! o" thi deed $i77 #e i,ned #! a77 the (a)tne) o" the Pa)t! o"
the Fi)t Pa)t and #! the 3a)ta o" the Pa)t! o" the Se+ond Pa)t.
0?. Thi Deed i e8e+5ted in d5(7i+ate and one +o(! $i77 )emain $ith the (a)t!
o" the Fi)t Pa)t and the othe) $i77 )emain $ith the Pa)t! o" the e+ond
Pa)t.
IN WITNESS WHEREOF the Pa)tie ha6e (5t thei) )e(e+ti6e hand the
da! and !ea) "i)t he)eina#o6e $)itten.
Si,ned and de7i6e)ed "o)
and on #eha7" o" M% ... #! it (a)tne) -./ ... -0/ ... -1/ ... in the ()een+e o" ... ...
Si,ned and de7i6e)ed #! the
$ithinnamed M). B a the 3a)ta o" hi Hind5 Undi6ided Fami7! in the ()een+e
o" ...