12/13/2016

DraftOfDeedOfPartnership

DEEDOFPARTNERSHIP

ThisDeedofPartnershipismadeatKarachithis_____dayof__________________,________
BETWEEN:

1.
2.
3.
4.
All muslim, adults, residing at Karachi, hereinafter referred to as the Partners. The term
'Partner' wherever the context so admits shall always mean and include his/her legal heirs,
successors,executors,administrators,legalrepresentativesandnominees.
WHEREAS the parties hereto have mutually decided to form themselves into Partnership to
carry on business and WHEREAS it is deemed necessary to reduce into writing the terms and
conditionsgoverningthePartnersinterse
NOWTHISDEEDWITNESSETHASUNDER:

1.ThatthenameofthePartnershipBusinessshallbe"________________".
2.That the Partnership Business shall be deemed to have commenced with effect from
_______dayof_________________,______andthesameshallbePartnershipatWILL.

3.That the nature of Partnership Business shall be that of _________

___________________________________andAlliedWorkandanyotherbusinessas the
Partnersmaymutuallydecidefromtimetotime.

4.That

the
Partnership
Business
shall
be
carried
at
______________________________________________________,andatsuchother place
orplacesasthePartnersmaymutuallydecidefromtimetotime.

5.Thatthe capital required for the conduct of Partnership Business shall be contributed by
thepartnersNo.________________insuchproportionasmaybemutuallyagreedfrom
timetotimeandthatpartnerNo._____isonlyworkingpartnerandshallnotcontribute
anyamounttowardscapital.

6.ThatthenetprofitofthePartnershipBusinessshallbedividedbetweenthePartners and
lossesifanyshallbebornebytheminequalproportions.

7.ThatthePartnersshallbeentitledtowithdrawreasonableamountsfortheirpersonaland
household expenses with the consent of all the partners which shall be debited to the
respectiveaccountsofpartnerinthebooksofthefirm.

http://www.finosys.com/misc/draft/partnership.html

1/3

12/13/2016

DraftOfDeedOfPartnership

8.ThatBankAccountorAccountsinthenameofthefirmshallbeopenedinanyscheduled
bank or banks and the same shall be operated by the Partners severally as well as
jointly.

9.That the partners can authorize any one or more of them to draw, accept, endorse and
sign Cheques, Hundies, Promissory Notes, Bills of Exchange, Bank Drafts, other
negotiable instruments, and obligation affecting the firm and other related Commercial
and Shipping Documents and also to deposit, borrow, draw or overdraw money for the
firminrespectofmerchandiseorgoodsorpropertybelongingtothefirm.

10.EveryPartner is hereby authorized to institute legal proceedings against any party from
whom the firm may be entitled to receive any money and for that purpose to engage
advocateoradvocatesasmaybenecessaryandorasmaybeadvised.

11.That __________________ S/o ____________ will be the Managing partner and

entitled to engage the staff including labour, contractor or whatever may be necessary
forthepurposeofthebusinessofthePartnership.

12.Thatthepartnersshallbejustandfaithfultoeachotherandshallatalltimes,renderfull
and correct information relating to Partnership Business which shall be carried on in a
waysoastoyieldmaximumbenefittoallthePartners.

13.ThatanyPartnerintendingtoretirefromthePartnershipshalldosobyservingon other
Partners a notice in writing of three months duration disclosing such intention to retire
andthePartnergivingsuchnoticeshallbedeemedtohaveretiredfromthePartnership
on the expiry of such notice and business shall be taken over by the 'Remaining
Partners'.

14.That no partner shall sell, mortgage or transfer his/her share or interest in the
PartnershipConcernwithoutthewrittenconsentoftheotherpartners.

15.That proper books of accounts shall be maintained at the place of business and all the
partners or their nominees shall have access to the books of accounts, vouchers and
otherpapersandwillbeentitledtomakecopiesofthesame.

16.That the first set of books shall be closed on 30th June, ______ and thereafter on 30th
Juneeachyearaccountsshallbeclosedandadjusted,BalanceSheetpreparedandProfit
orLossallocatedtopartnersshallbeclearlyshownintheaccountbooks.

17.Thatincaseofdeathofanypartner,thepartnershipshallnotstanddissolvedbutsuchof
the legal heirs of the deceased or his/her nominees as are approved by the surviving
partnersshallstepinhis/herplace.

18.That any dispute or difference in connection with Partnership Business which may arise
between the partners, their representatives or nominees shall be referred to one or
more Arbitrators nominated by the Partners and his/her or their award shall be binding
onthePartners.
INWITNESSWHEREOFthepartiesheretohavesettheirrespectivehandshereuntoontheday,
monthandyearmentionedhereinabove.
http://www.finosys.com/misc/draft/partnership.html

2/3

12/13/2016

DraftOfDeedOfPartnership

WITNESSES:

1._________________1.___________________
2._________________2.___________________
3.___________________
4.___________________

http://www.finosys.com/misc/draft/partnership.html

3/3