Partnership Deed

DEED OF PARTNERSHIP THIS DEED OF PARTNERSHIP is made and executed at [CITY] on this [DAY] day of [MONTH], [YEAR] between: 1. [PARTNER_1_NAME], son/daughter of [FATHER_NAME], aged about [AGE] years, residing at [PARTNER_1_ADDRESS] (hereinafter referred to as the "First Partner"). 2. [PARTNER_2_NAME], son/daughter of [FATHER_NAME], aged about [AGE] years, residing at [PARTNER_2_ADDRESS] (hereinafter referred to as the "Second Partner"). WHEREAS the parties hereto have agreed to commence and carry on a business in partnership under the name and style of "[FIRM_NAME]" and are desirous of reducing the terms and conditions of their partnership into writing. NOW THIS DEED WITNESSETH AS FOLLOWS: 1. Name and Place of Business: The partnership business shall be carried on under the name and style of "[FIRM_NAME]". The principal place of business shall be situated at [FIRM_ADDRESS], or at such other place(s) as the partners may mutually decide. 2. Nature of Business: The business of the partnership firm shall be [BUSINESS_NATURE], and any other business as may be mutually agreed upon by the partners from time to time. 3. Commencement: The partnership shall be deemed to have commenced on [START_DATE] and shall be "Partnership at Will". 4. Capital Contribution: The initial capital of the firm shall be ₹[TOTAL_CAPITAL], contributed by the partners in the following proportion: - First Partner: ₹[CAPITAL_1] - Second Partner: ₹[CAPITAL_2] 5. Profit and Loss Sharing: The net profits and losses of the partnership business shall be shared between the partners in the following ratio: - First Partner: [PERCENTAGE_1]% - Second Partner: [PERCENTAGE_2]% 6. Remuneration to Partners: Both partners shall be working partners and shall be entitled to a monthly remuneration of ₹[REMUNERATION_AMOUNT], subject to the limits specified under Section 40(b) of the Income Tax Act, 1961. 7. Interest on Capital: Interest at the rate of [INTEREST_RATE]% per annum, or such other rate as prescribed under Section 40(b) of the Income Tax Act, 1961, shall be payable to the partners on the amount of capital standing to their credit. 8. Bank Account: Bank accounts in the name of the firm shall be opened with any scheduled bank and shall be operated jointly by both partners. 9. Accounts and Audit: The financial year of the firm shall be from 1st April to 31st March. Proper books of account shall be maintained at the principal place of business and shall be open for inspection by either partner. 10. Dissolution: The firm may be dissolved by mutual consent or by giving [NOTICE_PERIOD] month(s) written notice by either partner. IN WITNESS WHEREOF, the parties hereto have set their hands on this Deed of Partnership on the day, month, and year first above written. [PARTNER_1_NAME] Signature: ______________________ [PARTNER_2_NAME] Signature: ______________________ WITNESSES: 1. Name: _________________ Signature: _________________ 2. Name: _________________ Signature: _________________