Application for Partnership Firm Registration shall be made with following documents:
1. Form No.1 – Application Form
2. Partnership Deed (Frankling – Rs. 500/-)
3. Rental Agreement/Affidavit (if Registered office is Own or relatives property and there is no . . . . . . . concept of Rent to be paid. )
4. PAN’s, ID & Address Proofs of all Partners
5. Photographs & Finger Prints Copy (AS required under Registration Act 1908)
6. Proof of Proposed Registered Office [Electricity Bill/ Telephone Bill etc.]
Example & format**
[Frankling – Rs. 500/-]
THIS DEED OF PARTNERSHIP IS MADE AND EXECUTED ON THIS THE 01ST DAY OF FEBRUARY, 2016 AT HYDERABAD, TELANGANA BY AND BETWEEN:
1. Smt. LAKSHMI KOMITLA, D/o. Sivaiah Komitla aged about 30 years, resident of H.No.: 2-103, Guntur Village, Guntur Mandal, Guntur – 523308, Andhra Pradesh, hereinafter called the party of the First Part. (Which terms so far as the context will admit include his heirs, successors and assigns)
2. Sri. GOGINENI VENU BABU, S/o Gogineni Basavaiah, aged about 36 years, resident of Ongole Village, Ongole, Prakasam – 523169, Andhra Pradesh, hereinafter called the party of the Second Part. (Which terms so far as the context will admit include her heirs, successors and assigns).
Both the parties hereinafter referred to as partners.
WHEREAS the above parties hereto agreed mutually to constitute a partnership between themselves to carry on India the business of Construction & Marketing Consultants and other related activities connected thereto or any other business as decided by the partners from time to time.
NOW THIS DEED WITNESSETH AND THE PARTIES HERETO MUTUALLY AGREED THAT THEY SHALL BE CARRY ON THE SAID BUSINESS ON THE TERMS AND CONDITIONS HEREIN AFTER CONTAINED:
1. NAME OF THE FIRM: The name and style of the firm of partnership shall be M/s. “XXXXX INFRATECH”. 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. PLACE OF BUSINESS: The principal place of the Business of the firm shall be at H.No.: xxxx, Ameerpet Signal, Hyderabad-500038, Telangana, India and/or any other place as mutually agreed upon from time to time.
3. NATURE / OBJECTIVES OF BUSINESS: This partnership Firm is formed with the primary object of carrying the business of Builders, Contractors, Developers, Interior Decorators & Designers, Marketing Consultants and other related activities connected thereto or any other business as decided by the partners upon conditions embodied in the partnership deed under the name and style of “M/s. XXXXX INFRATECH”.
4. COMMENCEMENT: The new partnership firm shall be deemed to have commenced business on and from 01ST Day of February, 2016.
5. CAPITAL AND INTEREST ON 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. Such capital account shall carry simple interest at the rate of 12% per annum or such lower / higher rate as may be prescribed under Section 40(b) (iv) of the Income Tax Act, 1961.
6. WITHDRAWALS: No partner is authorized to draw amounts without the consent and sanction of the other partners for his/her personal affairs. The Current Account of the partners shall be charged with interest at the rate of 12% p.a.
7. SHARE OF PROFIT/LOSS: The net profit and/or loss of the partnerships business after the payment of all expenses or other outgoings including the capital profit and / or loss of any of the partnership firm shall be divided as under :
(a) Smt. LAKSHMI KOMITLA 50%
(b) Sri. GOGINENI VENU BABU 50%
8. MANAGING / WORKING PARTNER: It is decided that both the partners shall contribute their services whole time to the firm and both the Partners of the Firm shall be the Working Partners of the Firm. Both the partners are authorized to enter into contracts, agreements with any individuals, business organizations, and corporate bodies to represent the firm and to sign documents on behalf of the firm before any government authorities or commercial organizations.
9. SALARY, BONUS AND COMMISSION: Each of the working Partner shall be paid a minimum remuneration of Rs. 10,000/- per month towards the services rendered by them to the Partnership. The Maximum amount of remuneration payable to the partners shall be computed in accordance with the provisions of Sec. 40b (v) of the Income tax Act 1961, in force from time to time, and the aggregate amount of the remuneration so arrived at shall be distributed equally among the partners. The amount of remuneration may be increased, decreased or waived with the mutual consent of all the partners in future.
10. BORROWINGS: The party of the First Part and The Party of the Second Part are authorized to pledge, mortgage, hypothecate the property/assets of the firm to borrow loans and advances from persons, firms, companies, or banks, such money as may be required for the purpose of the business of the firm.
11 BANK ACCOUNTS: That the Partnership firm may open a bank account or accounts in name of the firm with any bank or banks and shall be operated by First Part individually.
12 BOOKS OFACCOUNTS: The books of accounts of the partnership firm shall be kept in the safe custody of the partners and each party shall have free access over them.
13 ANNUAL ACCOUNTS: That on 31stMarch of every year the profit and Loss Account and the Balance Sheet shall be drawn up and the net profit and loss of the partnership as determined shall be duly adjusted between the partners in the proportions as set-forth Para 7 above. The First accounting year ending of the firm shall be 31st March 2016.
14 ADMISSION OF NEW PARTNER: The partners with mutual consent of all may decide to admit any new partner, in addition to the present partners.
15 NOTICE OF RETIREMENT: Any partner who wishes to retire from the Partnership Firm shall give ONE MONTH notice to the other partners expressing his desire to do so.
16 ALTERATIONS OR ADDITIONS OF ANY CLAUSE OF THISPARTNERSHIP 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 think fit by mutual consent which shall be reduced to writing shall become appendage and part of this Deed.
17 ARBITRATION: That in the event of any dispute between the parties or their legal representatives about the interpretation of this deed of their rights and liabilities there under or any matter whatsoever touching upon the partnership affairs whether in course or on or about termination of the partnership or thereafter shall be settled by arbitration and the provisions of the Indian Arbitration Act, shall in that behalf apply.
18 DURATION OF PARTNERSHIP: The duration of the partnership shall be “AT WILL”.
19 This deed of partnership executed with FREE WILL and CONSENT of all the partners.
IN WITNESSETH OF THE PARTIES herein above mentioned do hereby set their hands in the day and year mentioned above in the presence of the following witnesses.
1) 1. (Smt. XXXX)
2) 2. (Sri. XXXX)
1. DOCUMENTS to be filled
2. RENTAL DEED
3. PARTNERSHIP APPLICATION FORM NO. 1
4. PARTNERSHIP DEED