DEED OF PARTNERSHIP

Of
GANPATI RESTAURANTS

THIS DEED OF PARTNERSHIP is made and entered into as of this _____day of

__________, 2017 at CITY NAME and

BETWEEN
1. Mrs. KAVITA XXXXXX D/o XXXXXXXXX
Age 34 Years
Occupation: Housewife
an Individual having residential address:
L-1101, SAMRAJYA XXXXXXXX NAGAR, XXXX ROAD XXXX-411XXX MAHARASHTRA
hereinafter referred to as the “Party of the First Part” or “First Party”) (which
expression shall unless repugnant to the meaning or context thereof shall mean and
include his legal heirs and permitted assigns.)
AND

2. Mr. MANOJ XXXX S/o XXXXXXXX

Age: 35 Years
Occupation: Business
An individual having residential address:
L-1101, SAMRAJYA XXXXXXXX NAGAR, XXXX ROAD XXXX-411XXX MAHARASHTRA
hereinafter referred to as the “Party of the Second Part” or “Second Party”) (which
expression shall unless repugnant to the meaning or context thereof shall mean and
include his legal heirs and permitted assigns.)

WHEREAS the parties hereto have mutually agreed to constitute a partnership Firm
to carry on partnership business as mentioned herein-

AND whereas the parties are desirous in reducing the said terms and conditions of
their partnership business to writing,

1. NAME AND STYLE:

The partnership business shall be carried under the firm name and style of,
“GANPATI RESTAURANT”

2. THE REGISTERED OFFICE:

The registered office of partnership shall be situated at
“XXXXX, SAMRAJYA SXXXXXX NAGAR,
XXXXX ROAD, XXXXXX
XXXXX-411 XXX”
The partners can decide any other place as place of business for carrying out the
business of the firm.

3. The firm is deemed to have commenced its business activities with effect from the
date of this deed.

4. NATURE OF BUSINESS:

The partnership business shall be mainly of the nature of setting up and running a
chain of cafe, restaurants and eating houses.

5. CAPITAL CONTRIBUTIONS:
The capital of all partners shall be as under:

a. Initial Capital Contributions

The initial capital of the firm shall be RS. 50000/- (Rs. Fifty Thousands Only)
contributed by partners in the following manner.
 SR.NO NAME OF THE PARTNERS AMOUNT(RS)
1. Mrs. KAVITA XXXXX 25,000/-
2. Mr. MANOJ XXXXX 25,000/-
TOTAL 50,000/-

b. Additional Capital Contributions

The additional capital, whenever required by the firm will be contributed by the
parties as per their mutual agreement in their capital sharing ratio and same
shall carry interest as mutually agreed upon from time to time.

c. The parties (if necessary) shall also arrange the capital by borrowing funds from
such bank or banks ,concern or concerns, party or parties on such security and
on such terms and conditions as may be mutually agreed upon between the
parties. Interest, if any payable on such borrowings shall be charged to profit and
loss account of the partnership business.

6. PROFIT SHARING

The partners shall share profit and suffer losses in the following ratio:-

If Profit If Loss
Party of First Part 50% 50%
Party of Second Part 50% 50%

7. INTEREST ON CAPITAL:

The partners shall be entitled to interest @ 12 % p.a. on any money deposited by

them with the firm or any loan advanced by them to the firm or on their share of
profit not withdrawn and allowed to be retained and utilised by the firm for the
purpose of its business or profession. Interest shall/shall not be paid at such lower
rate as may be agreed between partners in case of loss or in case of profit available
are not sufficient or otherwise as may be mutually decided by the partners.

8. REMUNARATION TO PARTNERS:

Both the partners being working partners have been devoting their time and
attention in the conduct of the affairs of the firm shall be paid remuneration with
effect from the date of this deed. The said remuneration shall be computed as
under:-

A In case Book Profit is negative Rs 150000/-

B In case Book Profit up to Rs. 300000/- Rs. 150000/- or 90 % of book profit

Whichever is higher
On balance of book pr 60% of book profit

The maximum remuneration payable to the partner will be calculated on basis on

book profit under provision of Income Tax Act 1961, as may be applicable at the
time and same will be paid to working partners.
 The said remuneration shall be paid to the working partners in the following ratio;

Party of First Part 50%

Party of Second Part 50%

The parties hereto may decide to increase or reduce the above remuneration as also
to pay remuneration to other partner/s. if any. Also they can modify the basis of
calculation of remuneration. They may also decide to grant benefits like Bonus,
Motor Car, Conveyance Allowance, Reimbursement of Medical expenses, House
Rent Allowance, Providend Fund Contribution, Gratuity etc. to working partners
and/or any other partner/s.

9. The partnership shall be' PARTNERSHIP AT WILL'.

10. RIGHTS:
a) All the partners hereto shall have the rights, title and interest in all the assets
and properties in the said firm in the equal proportion

b) All the partners hereto shall have equal rights in the day to day business
activities of the firm.

11. DUTIES AND RESPONSIBILITIES:

a) Every partner shall account to the partnership firm for any benefit derived by
him/her without the consent of the partnership firm from any transaction
concerning the partnership firm, or from any use by him/her of the property,
name or any business connection of the partnership.
b) Each partner shall render true accounts and full information of all things affecting
the partnership to any partner or his/her legal representatives.
c) Partners shall be responsible for day to day operations of the firm’s business and
shall be responsible for appointment of employees, contractors, consultants for
carrying on the business effectively and shall also be responsible for all accounting
related statutory and tax compliances relating to the business of firm.
d) Partners shall be responsible for the doing of all acts, matters and things as are
required to be done by the partnership firm in respect of compliance of the
provisions of the applicable laws and regulations.

12. ACCOUNTING RELATED:

a) The books of Accounts shall be kept in English and the books shall be closed
and adjusted on 31st March every year and a Balance Sheet and Profit and
Loss Account shall be drawn up and the same shall be signed by all the partners in
taken of approval with six months from end of Accounting Year and when so
signed the entries existing there in such books shall be binding on all partners
subject to any patent and manifest errors which may be required to be corrected.
b) The firm shall open bank account/s in the name of the firm in any bank which
shall be operated singly/jointly as may be decided by partners
c) Regular books of Accounts shall be caused to be maintained by the partnership in
a manner usual in such type of business. The books of Accounts and supporting
vouchers, receipts and documents shall not be removed from principal place/
registered office of business without consent to the parties hereto. However, the
 parties hereto are allowed to inspect the books of Accounts, vouchers, records
etc.

13. RETIREMENT OF PARTNER:

If any of the parties here to shall at any time during the subsistence of the
partnership be desirous of retiring from the firm, it shall be competent for him to do
so provided always that he/she shall in such case give at least 3(Three) calendar
months notice of his/her intention to do so.

14. GOODWILL:

This is mutually agreed that the Goodwill quotarights and other rights of the firm
shall belong to the partners in their profit sharing ratio.

15. The retirement, Death, Insolvency of a partner shall not dissolve the partnership
firm.
In event of Death, lunacy of any partner, his /her nominated member or legal heir
can join partnership firm on same terms and conditions on which he /she is entitled.

16. PERSONAL DEBTS, DUES ETC:

The partnership firm will not be responsible for the debts, dues and/or liabilities
incurred by partners for his own purposes both before and after the commencement
of the firm.

17. RESTRICTIONS:

No partner shall without the written consent of the other partners shall:-
a) Release or compound any debt owing to the firm or diminish security to the firm
without recovering the full amount thereof or lend any money or deliver
any goods belonging to or otherwise than in usual course of business of the firm
b) Give any security, Promissory note or
c) Enter into any bond or becomes surety or security with or for any person or do
knowingly cause or suffer to be done anything whereby the firm property or any
part thereof may be seized.
d) Assign, mortgage or create any charge on his interest in partnership business or
on any assets of firm.
e) Draw, Accept or endorse any bill of Exchange or pro-note.
f) Be engaged directly or indirectly in any other business detrimental to the
interest of the firm

18. MANAGEMENT:

All matters concerning partnership or affairs there of shall be decided mutually by

and between the partners. in case any differences arises which cannot be so decided
mutually , a reference shall be made to arbitrators subject to the provision of Indian
Arbitration Act or any statutory modifications thereof for the time being in force, the
award of Arbitration shall be final and binding on all the partners.

19. DISSOLUTION:

On dissolution of the partnership firm a full general account of money, stock in

trade, goodwill, debt due to the firm etc. and assets to be distributed among
partners after paying the liability of the firm in the profit sharing ratio.
20. AMENDMENT:

NOT WITHSTANDING anything contained/stated or provided herein, the parties

hereto shall have full powers & discretion to rectify, alter or vary the terms &
conditions of the PARTNERSHIP DEED in any manner, whatsoever they think fit by
the mutual agreement, which shall be reduced to writing shall become appendate
part of this Deed.

IN WITNESS WHEREOF the parties hereto have got subscribed their respective
hands, the day, the months and the year first hereinabove written.

SIGNED AND DELIVERED In presence of

BY THE PARTY OF THE FIRST PART Witness:

Sign: _____________

Mrs. KAVITA XXXXX Name: __________________________

D/o RAMESH XXXXXX
Address: ________________________
RESIDING AT: ________________________
L-1101, SAMRAJYA XXXXXXX ________________________
NAGAR SSXXXX ROAD
XXXX-411XXXX MAHARASHTRA

DATE :
PLACE : XXXX

BY THE PARTY OF THE FIRST PART Witness:

Sign: _____________

Mr. MANOJ XXXXXX Name: __________________________

S/o RAMESH XXXXXX
Address: ________________________
RESIDING AT: ________________________
L-1101, SAMRAJYA XXXXXXX ________________________
NAGAR SSXXXX ROAD
XXXX-411XXXX MAHARASHTRA

DATE :
PLACE : XXXXX