18 March 2009
RECONSTITUTION OF PARTNERSHIP DEED Note: This is only a draft format and not a format prescribed under any law. This format can be used with modifications suiting to your requirements wherever it is necessary. In case of doubt regarding payment of Stamp duty and Registration fee etc. contact the concerned Sub-Registrar / District Registrar.
RECONSTITUTION OF PARTNERSHIP DEED This deed of partnership made and executed on this the day of .. . . . . . . . . … . . .. . . at Bangalore By and Between: 1. . . . . . . ……………………………. Hereinafter referred to as the first party. 2. . . …………………………………. Hereinafter referred to as the second party/retiring partner. 3. . . ………………………………….. hereinafter referred to as the third party/retiring partner. 4. . . . . . . .. . . . . . . . . . . . . . .. . hereinafter referred to as the fourth party/incoming partner. (The terms fist, second, third and fourth parties shall wherever the context to request mean and include their respective heirs, legal representatives, administrators, executors and assigns) of the each part shall witnesseth: Whereas the parties 1 to 3 herein have been carrying on business as partners of the firm under the name and style of . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. .. The parties 2 to 3 herein have expressed their desire to retire from the firm and the fourth party herein as offered to come in as a partner to continue the business of …. . . ……………………………… Upon the parties 2 and 3 herein offering to retire from the firm the accounts of the firm have been drawn. Whereas the party of the third part has lent substantial amount of money to the firm to meet the exigencies of the business apart from contributing to the capital of the firm. The parties 1 and 4 herein have decided to continue the business in the same products in which the firm was dealing and to take over the liabilities of the fir, all the assets together with goodwill and name. Hence this re-constitution deed. NOW THEREFORE THIS DEED OF PARTNERSHIP SHALLWITHNESSETH: 1. Name of the Firm: 2. Place : 3. PURPOSE: Manufacture and sale of electrical varnishes of all grades, polymers resins and such other products which may be decided by the partners from time to time. To engage in trading activities in dyes, chemicals pigments etc.,.. 4. DURATION OF PARTNERSHIP: The duration of partnership will be AT WILL. However, it shall not be dissolved for atleast five years or with the consent of both continuing partners. 5. CAPITAL: First and fourth parties herein who will be contributing Rs… . . . . . each towards the share capital. 6. SHARING RATIO: 50:50 each between two partners out of the profits and losses. 7. BANK ACCOUNT: The firm shall have in its name such Bank Accounts as may be necessary with any Bank, wither schedule, Co-Operative or Nationalised Bank and the Bank Accounts shall be operated by the Managing Partner. 8. MANAGEMENT: Sri. . . . . . . . . the first party herein shall be the managing partner of the firm he shall carry on day to day affairs of the firm in the best interest of the partners with the assistance of the other partner. Matters relating to line of business, finances, place of business, salaries, appointments etc., shall be decided from time to time by the managing partner. 9. FURTHER INVESTMENT: In case of necessity the partners have agreed to invest money for effectively running the unit. Such additional investment shall be treated as loan and such lending partner will be entitled to 18% p.a. interest on such amount. 10. In case of death, insolvency, lunancy or retirement of any one of the partner of the firm, the firm shall not automatically get dissolved. The surviving partner will be entitled to continue the firm either by taking new partners or without inducting anybody. 11. BORROWINGS: The partners may, by mutual consent, borrow the funds from any bank, society, co-operative Bank, financial institution
19 March 2009
kindly send ur corresspondance address so I can send the format. My address: Rajeev S Vadrali Advocate K.C.Rani Road, GADAG ( Karnataka) 582 101. email@example.com or rajlegalnet@yahoo,com