Easy-to-Use Partnership Deed Format for Starting a Farm Business in India
Are you looking for a legally sound and customizable Partnership Farm Deed format? This detailed and professionally drafted Partnership Deed template is ideal for businesses dealing with gold, diamonds, and other precious items. Whether you're forming a new partnership or need a reliable reference for legal documentation, this deed covers all essential clauses, including capital contribution, profit-sharing, arbitration, and termination. Perfect for legal professionals, entrepreneurs, and small business owners in India.
PARTNERSHIP DEED
This Partnership Deed is made and executed on this the [DATE] day of [MONTH] [YEAR], at [DISTRICT, STATE], by and between:
- [NAME OF THE FIRST PARTY], Son of [FATHER'S NAME OF FIRST PARTY], Resident of [FULL ADDRESS OF FIRST PARTY] (hereinafter referred to as "FIRST PARTY").
- [NAME OF THE SECOND PARTY], Son of [FATHER'S NAME OF SECOND PARTY], Resident of [FULL ADDRESS OF SECOND PARTY] (hereinafter referred to as "SECOND PARTY").
- [NAME OF THE THIRD PARTY], Son of [FATHER'S NAME OF THIRD PARTY], Resident of [FULL ADDRESS OF THIRD PARTY] (hereinafter referred to as "THIRD PARTY").
(Hereinafter collectively referred to as the "Partners")
WHEREAS, the Partners have mutually agreed to carry on the business of a partnership farm under the name and style of "[NAME OF THE PARTNERSHIP FARM]" (hereinafter referred to as "THE FIRM").
NOW, THEREFORE, THIS PARTNERSHIP DEED WITNESSES AS FOLLOWS:
(1) The business of the Firm shall be carried out under the name "[NAME OF THE PARTNERSHIP FARM]" and shall deal with the buying, selling, manufacturing, and trading of gold, diamonds, and other precious items.
(2) The principal place of business of the Firm shall be located at [LOCATION OF THE FARM]
(3) The Partners shall contribute to the capital of the Firm as follows:
(a) The FIRST PARTY, [NAME OF THE FIRST PARTY], has contributed an amount of INR 1,00,000/- (approximately).
(b) The SECOND PARTY, [NAME OF THE SECOND PARTY], has contributed an amount of INR 2,00,000/- (approximately).
(c) The THIRD PARTY, [NAME OF THE THIRD PARTY], has contributed an amount of INR 3,00,000 (approximately).
(4) The total capital of the Firm shall be the sum of these contributions, i.e., INR 6,00,000/- (approximately).
(5) The Partners have agreed that the profits and losses of the Firm shall be shared equally among the Partners, each Partner being entitled to 33% of the profits or liable for 33% of the losses of the Firm.
(6) The Partners agree that the Firm shall donate 1% of its annual profits to charity. The Partners shall mutually agree on the recipient charity and manner of donation each year.
(7) Rights and Duties of the Partners are:
(a) The Partners shall have equal rights and responsibilities in the management and operation of the Firm.
(b) Any Partner may introduce new capital into the Firm or make decisions concerning the Firm, subject to the agreement of all Partners.
(c) The Partners shall jointly bear the costs, expenses, and liabilities associated with the business of the Firm.
(8) The partnership shall continue until terminated by mutual agreement of the Partners or as otherwise provided herein.
(9) The Firm shall maintain accurate and up-to-date books of accounts. Each Partner shall have access to the books and records of the Firm at all times.
(10) The Firm shall open a bank account in the name of the Firm, and all receipts and payments related to the business shall be routed through this account. Any two Partners jointly shall have the authority to sign cheques, withdraw funds, and operate the bank account.
(11) No Partner shall withdraw capital from the Firm without the unanimous consent of all Partners. Each Partner is entitled to withdraw their share of the profits at the end of each accounting period or at such other intervals as may be mutually agreed upon.
(12) The liability of the Partners to third parties shall be joint and several.
(13) Rules of Termination:
(a) The partnership may be terminated by the mutual consent of all the Partners.
(b) In case of any Partner wishing to withdraw or retire, notice must be given to the remaining Partners as per the terms of the partnership.
(c) On termination, the assets and liabilities of the Firm shall be liquidated, and the remaining funds, after paying off liabilities, shall be divided among the Partners in proportion to their respective contributions to the capital.
(14) In case of any dispute or difference arising between the Partners relating to the interpretation or implementation of the terms and conditions of this Deed, such dispute shall be referred to arbitration. The arbitration shall be conducted in accordance with the provisions of the Arbitration and Conciliation Act, 1996, and the venue of the arbitration shall be under the Jurisdiction of [PLACE OF THE BUSINESS].
(15) Miscellaneous terms and conditions are:
(a) This Deed constitutes the entire agreement between the Partners and supersedes any previous understanding or arrangement, whether written or oral, between the Partners regarding the subject matter hereof.
(b) Any amendment to this Deed shall be made in writing and signed by all Partners.
(c) The rights and obligations of the Partners under this Deed shall be governed by the laws of India.
IN WITNESS WHEREOF, the Partners have executed this Partnership Deed on the day, month, and year first above written.
WITNESSES:
1.
______________________
Signature of the FIRST PARTY
2.
______________________
Signature of the SECOND PARTY
______________________
Signature of the THIRD PARTY
Drafted by: -
(Advocate)
This Partnership Farm Deed format is simple, clear, and useful for anyone starting a business with partners. You can use or modify it as needed, but it’s always good to take advice from a lawyer for any changes.