shrikant chede
24 February 2010 at 17:59
morgadge release deed
my query is
1)whether morgadge release deed can be ragistered on 100 rs stamp papper at sub Ragistrar office
2) pls give me standerdd draft of morgadge release deed
IT IS URGENT
THANKS IN ADVANCE
meenu katuria
24 February 2010 at 17:15
sir
im new lawyer 1 of my client wanted 2 b the part of already existing sole prop. firm which is having bank a/c tan no. etc. they both will b then the partner of 50% each my client will b called as 1st partner after the partnership deed cums in effects
sir i wanted to no that only partnership deed will b enough 4 the change 4 the status of 2nd partner 4m prop 2 partner
if my client who will b known as 1st party will enter in this agreement can u pl suggest me tat how i can protect him 4m any past liabilities if any in future like civil/criminal/finical
sir pl advice me and if possible the can u send me draft which can protect my client partner no 1 full proofDEED OF PARTNERSHIP
THIS DEED OF PARTNERSHIP made and entered into a Delhi this …. Day of …..month,year between (1) Mr. ……… aged…….years, an adult , individual inhabitant of ………… hereinafter referred to as the Party of the FIRST PART;
(which expression shall mean and include his legal heirs, executors, administrators and assigns) and (2) Ms. …………… aged ……… years, an adult, individual Inhabitant of ………………………, hereinafter referred to as the party of the SECOND PART;(which expression shall mean and include his legal heirs, executors, administrators and assigns).
AND WHEREAS the parties hereto referred to hereinabove hav mutually agreed to start and have already started business of …………………… in partnership under the firm name and style of M/s……….. with effect from ………………..(date)
AND WHEREAS the parties hereto have deemed it expedient to reduce into writing and are desirous of recording the terms and conditions governing their relations intre se.
NOW IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO that they have become partners and joined in partnership upon the terms and conditions hereinafter expressed NOW THIS DEED WITNESSETH:
1 NAME: The name and style of the firm of partnership shall be M/s
…………. The partners shall be entitled to carry on business under any other name and /or names as may be agreed upon mutually from time to time.
2. COMMENCEMENT: The partnership firm shall be deemed to have commenced business on and from ………………………(day/date/yr.)
3. BUSINESS: The partnership business shall be that of (nature of business)………………………./or any other business if they desire from time to time.
4. PLACE: The partnership business shall be carried on at……………and/or any other place mutually agreed upon from time to time.
5. DURATION: The duration of the partnership shall be “AT WILL” but in case any partner desire to retire from the partnership he shall be at liberty to do so by giving one month’s notice in writing to the other partner.
6 SHARE: The net profit and /loss of the partnership business after the payment of all expenses or other outgoing including the capital profit and/or loss of any of the partnership firm shall be divided as under
Mr. ……………… 50%
Ms. ………………. 50%
-------
Total 100%
7 CAPITAL: The capital of Partnership business as and when considered to be necessary and expedient for the purpose of carrying on business of partnership shall be contributed by the partners in the proportions as may be mutually agreed upon.
8 BORROWING: The partners of the firm may borrow from time to time after taking consent from the each others from persons, firms, companies or banks, such money as may be required for the purpose of the business of the firm.
9 BANK ACCOUNTS: The bank account of the partnership firm shall be with such bank or banks as the partners may from time to time agree upon the same shall be operated by the parties hereto as mutually agreed upon.
10 ACCOUNTING YEAR: The accounts of the partnership firm shall be taken annually on 31st of March every year.
11 ACCOUNTS: The books of accounts of the partnership firm shall be kept in the safe custody of the partners and each party shall hav free access over them.
12 FINAL ACCOUNTS: At the end of the accounting year an account will be taken of all the assets and liabilities and of all the profits and losses of the partnership for the year and the same shall be entered in the books of account which shall be signed by all the partners.
13 SALARY and BONUS: Both the working partners will be allowed salary @ Rs. …….. p.m. each. In case the book profits for the previous year as computed vide Explanation 3 to sec 40 (b)(income tax act)exceed Rs. ….. the working partners will be entitled to commission/bonus @.......% of the profit or excess profits to be divided equally among them. The commission allowable will be restricted to an account so however, that the aggregated of salary and commission does not exceed the deduction allowable under sec. 40 (b).
14 STIPULATION: Each partner shall:
(a) Punctually pay his separate debts and indemnify the other partners and assets of the firm against the same and all expenses of account thereof.
(b) Forthwith pay all money, cheques and negotiable instruments received by him on account of the firm into the bank account of the firm.
(c) Render proper explanations of all matters relation to the affairs of the partnership and offer every assistance in his powers in carrying on business for mutual advantage of all the partners.
(d) Be just and loyal to the firm and to the partners in all transaction relating to the firm and shall at times give to the firm a just and proper explanation and account of the same without any concealment of or supersession of and shall furnish on request a full and correct explanation thereof to the partners.
15 STIPULATIONS: No individual partner of the firm shall without the consent in writing of the partners be entitled to –
(a) Admit any liability in a suit or proceeding against the firm.
(b) Compromise or relinquish any claim or portion of a claim by the firm.
( c) Transfer immovable property belonging to the firm.
(d) Lend to any outsider any money belonging to the firm.
(e) Take a lease or enquire immovable property on behalf of the firm.
(f) Appoint any employee in or dismiss any employees to the firm.
(g) Operate Bank account on behalf of the firm in his own name.
(h) Have dealing or giving credit on behalf of the firm to any person or business house whom any other partner has decided not to deal with and trust.
(i) Withdraw a suit or proceeding filed on behalf of the firm.
(j) Assign, mortgage or change his share of interest in the firm wholly or in part to any outsider.
Any partner committing any breach of any of the foregoing stipulation indemnify the firm and /or other partners from all losses and expenses incurred or to be incurred by the firm and/or other partner in that respect.
16 NOTICE: Any notice hereby required authorized to be given to any of the partners sufficiently given by leaving the same addressed to him at the firm or by sending the same by registered post to his usual or last known address.
17 DISSOLUTION: On dissolution of the partnership a full general account shall be taken of all money, stock-in-trade, debts and assets that belonging or due to the partnership including capital, such account shall be made up within reasonable time and the amount payable to each partner shall be paid to him.
18 STIPULATIONS: No partner shall during the continuance of this partnership carry on any business of the same nature and competing with that of the firm nor shall any partner derive any profit for himself from any transaction of the firm or from the use of property or business of the firm. For the purpose of this clause the property of the firm includes all money brought by the partner hereto as capital in the firm, all property and rights and interest in property acquired by purchase or otherwise by or for the firm or for the purpose and in the course of the business of the firm and also the goodwill of the firm.
19 ARBITRATION: If any disputes shall arise between the partners hereto in respect of the conduct of the business of partnership or enforcement of any of the terms and conditions of the Deed or in respect of any other matter cause or things whatsoever to herein otherwise provided for adjudication to the Arbitration and Conciliation Act, 1996 or any statutory amendments or modification or enactment thereon for the time being in force whose decision shall be binding on the parties and their legal representatives.
20 JURISDICTION: Jurisdiction of the court will be Delhi if a dispute does not resolve by Arbitration and Conciliation court.
21 ALTERATION OR ADDITIONS OF ANY CLAUSE OF THIS PARTNERSHIP DEED: Notwithstanding anything stated or provided herein the parties shall have full powers and discretion to modify, alter or vary the terms and conditions of the partnership Deed in any manner they think fit by mutual consent which shall be reduced to writing shall become appendage and part of this Deed.
22 GENERAL: That in all respects other than those provided from herein this partnership shall be governed by Indian Partnership Act
IN WITNESS WHEREOF the parties hereto hereunto set and subscribed their respective hands the day and year first hereinabove written.
SIGNED, SEALED AND DELIVERED
by the within named, partner of
the first part Witnesses
Mr. ………. In the presence of…….. (1) …………………………..
SIGNED, SEALED AND DELIVERED
by the within named, partner of
the second part
Ms. ………… in the presence of
…………………………….. (2)………………………………..
Anonymous
24 February 2010 at 17:14
is there any provision where we can callenge the tax on signage of a company. The second query is that if a retailer is using the signage of a company, then why the company should pay the tax on such usage. I think there is a writ petition by idea challening the tax on hoardings used by retailers.
sandip c
24 February 2010 at 16:11
My father died without making any will.He has one plot in his name which he had given for development to buillder in 1993.Builder has given our share in the constructed building.
Building has been registerd later but no conveyance done yet. Is it necessary to trasnfer lagal heirs names in 7/12 extract as my father died. Can it be done by transfering land in society's name when conveyance is done directly without transfering it on legal heirs names.PLEASE SUGGEST.
Anonymous
24 February 2010 at 15:15
i am a st cast member. my grand father cast certificate is already done. but now i have a cast certificate for my job & carrear. problem is that jalna district (maharashtra)collector said, this is not possible for u becuase of your community's is ressidential in nanded. so what we do pls help me
Anonymous
24 February 2010 at 14:51
i am a st cast member. my grand father cast certificate is already done. but now i have a cast certificate for my job & carrear. problem is that jalna district (maharashtra)collector said, this is not possible for u becuase of your community's is ressidential in nanded so so what we do pls help me
Anonymous
24 February 2010 at 13:59
how does the debt of a father is discharged after the amendment of 2005 wen sons are under no pious obligation to pay ?
please let me know the answer in detail.please send urgent reply.
saara
24 February 2010 at 13:47
Can Hindu father exclude his one son from his property?
and what is the procedure for that if possible.
Basab Sarker
24 February 2010 at 13:31
Dear Professional colleagues
My client, a private limited company was an agency of a leading Pvt Sector Bank. The services offered to the Bank are recruiting & sending MRE's (Market Research Executives) to the Branches of the said Bank. The job of the MRE;s was basically in the nature in assiting the executives of the bank for opening various sort of banking accounts, like Savings Accounts, Current Accounts etc.
My client in fact was not having any control on these MRE's and attendance related formalities were taken care of by the Bank Branch personnel. No sort of attendance Register/ appointment letter are available, in fact not maintained
Depending upon the number of the accounts opened my client used to receive Commission from the said Bank. The MRE's also in turn were paid Commission by my client depending upon their performance.
While some of the MRE's lasted in the system for more than a year some stayed only for 5-6 days. Number of such MRE's varied in the system, in some months there were 15 MRE's and some months there were around 90 MRE;s
The payments were reflected in the books of account of my client under "Stipend & Incentives"
The PF Department wants to show these MRE's as regular employees and have filed a demand of Rs 41 Lakhs (3 years period) on my client.
In the meantime the client was duped by an Advocate who never bothered to prefer an appeal against the order u/s 7A of the EPF Act. Necessary period have elapsed a long ago. The client is now trying to file a writ petition before the Hon'ble Kolkata High Court.
The Financial condition of the client is very bad and he is further not in a position to appoint a very good lawyer.
Can any one please help me by way of providing some case judgements with the help of which the client might seek a relief from the Hon'ble Court.
Thank you
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morgadge release deed
morgadge release deed
my query is
1)whether morgadge release deed can be ragistered on 100 rs stamp papper at sub Ragistrar office
2) pls give me standerdd draft of morgadge release deed
IT IS URGENT
THANKS IN ADVANCE