PARTNERSHIP DEED

M/S EDICEP SOLUTIONS

This Instrument of partnership is made on this 1
st
day of October. 2014 between the
following the parties:-
1. ogesh !arg "#o $ate. %agan &ath !arg about 41 years '#o 20(2(# 1)* "treet &o.
2+* ),it 'oad* -athinda .In the /apacity of 'a,an )ggarwal 0123
.0ereinafter called the first party3
2. 4r. 0arsh )ggarwal "#o "h. 'a, 5umar )ggarwal aged about 26 years '#o "hop &o.
4* )dditional 4andi 1
st
* "irsa.
.0ereinafter called the second party3
WHICH e7pression shall unless repuganant to the conte7t partnership as e8idence
thereon.
AND WHERE AS the parties hereto hereby mutually agree on terms and conditions
hereinafter appearing.
&O9 T0:':2O': T0I" I&;:&T1': 9IT&:"" )" 1&;:':-
1. That the partnership business shall be carried on in the &ame < style of 4#"
)!!)'9)$ )1TO4OTI=: ")$:" or in such other name or names as the parties
by mutual consent may decide from time to time.
2. That the ':!I"T:':; O22I/: of partnership business shall be at 26>0#-* !T
'oad* Opp. "angam ?alace* -athinda. The parties by mutual consent may open
branch or branches at such other place or places as may be mutual decide from time
to time.
+. That the partnership business shall commence from 12#02#201+.
4. That the partnership shall be at @9I$$A.
/ontdB2
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D. That the partnership business shall that of )utomoti8e ?aint* /hemicals and such
other allied trade as the parties by mutual consent may liEe to taEe-up from time to
time.
>. That ?roper booEs of account of the partnership business shall be maintained at its
0:); O22I/: and the same shall be closed on the +1
st
of 4arch e8ery year.
6. That the partners shall contribute the capital as per the reFuirement of the partnership
business from time to time.
(. That the firm shall be liable for the loans entered in the firm booEs and utiliGed in the
partnership business. It shall not be responsible for any other loans raised by any of
the partners.
H. That the partnership firm shall not be responsible for the personal liabilities of the
partners.
10. That the net ?rofit of the partnership firm after deduction of all e7penses including
rent* salaries* other establishment e7penses* interest and remuneration payable to
the partners in accordance with this deed of partnership or any supplementary deed
as may be e7ecuted by the partners from time to time shall be di8ided and distributed
amongst the partners in the followings proportion:-
i. 'a,an )ggarwal 012 .......D0I
ii. 4r. 0arsh )ggarwal "#o 'a, 5umar )ggarwal .......D0I
11. That interest at the rate of 12I per annum or as may be prescribed under section 40
.b3 .i83 of the Income Ta7 )ct* 1H>1 or any other application pro8isions as may be in
force in the Income Ta7 assessment of the partnership firm the rele8ant accounting
period or at lower rate as may be agreed to by and between the parties from time to
time shall be paid to the partners or credited to the partners on the amount standing
to the credit of the account of the partners.
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"uch interest shall be considered as an e7penditure of the firm and shall be debited
to the profit < loss account of the firm before arri8ing at the di8isible profit < loss. The
interest to persons other than partners shall be paid or credited to their accounts at
the rate or rates as may be agreed to by and between the partners and such persons
from time to time.
12. That 1
st
< 2
nd
party ha8e agreed to Eeep themsel8es acti8ely engaged in conducting
the affairs of the business of the partnership firm. The said ?artner shall be worEing
partner. It is hereby agreed to that in consideration of the said party Eeeping them self
acti8ely engaged in the business of the partnership firm and worEing as worEing
partner shall be entitled to remuneration # "alary.
). The remuneration payable to the said worEing partners shall be computed in the
manner laid down or deduction under section 40 .b3 .83 read with e7planation + of the
Income Ta7 )ct* 1H>1 or any other applicable pro8isions as may be in force in the
income ta7 assessment of the partnership firm for the rele8ant accounting year.
The ?artners shall be entitled to increase or reduce the abo8e remuneration and may
agree to pay remuneration to other worEing partner or partners as the case may be.
The partners may also agree to re8ise the mode of calculating the abo8e said
remuneration as may be agreed to by and between the partners from time to time.
Total remuneration fi7ed for the partners lum sum 's. 1D0000#- per annum .'s. One
lac fifty thousand only3.
1+. That the 1
st
party namely "h. 'a,an 5umar )ggarwal has been authoriGed by all the
partners to sign al documents as and when reFuired for firm acti8ities* on the behalf
of firm in !o8t. < "emi !o8t. offices or any other departments.
14. That the banE account of the partnership firm shall be opened in such banE or banEs
as the parties may suitable agree upon < the same shall be operated either 'a,an
5umar )ggarwal or 0arsh )ggarwal.
1D. That the partner shall be liable for liabilities according to their shares in the
partnership firm.
1>. That relation of the parties shall be go8erned by the pro8isions of Indian ?artnership
)ct* 1H+2.
16. That in case of any dispute among the partners the firm shall not stand dissol8es or
ipsofacto* The 4atter shall be decided by the arbitrator according to arbitration )ct.
1(. That anything not pro8ided herein touching the partnership business shall be decided
by the mutual consent of the partners and shall be go8erned by the pro8ision of
Indian ?artnership )ct* 1H+2.
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1H. That the ?arties may change* add or delete any clause of this deed with the mutual
consent of partners.
I& 9IT&:"" 90:': O2 the abo8e said parties ha8e set their respecti8e hands on
this instrument of partnership deed e7ecuted on 12#02#201+ in the presence of
witnesses noted below whom signatures are appended as under:-
9IT&:"":" ?)'T&:'"
1. "ubhash /hander 1.JJJJJJJJJJJJJJJJJJJJJJ
.'a,an 5umar )ggarwal3
2. !agan !arg 2.JJJJJJJJJJJJJJJJJJJJJ
.0arsh )ggarwal3