DPC Assignment

S.
DEEPAK
BA0170018
Drafting, Pleading and Conveyancing
Assignment
PARTNERSHIP DEED
This DEED OF PARTNERSHIP was made on the Twentieth Day of May, 2021
At Kolkata between
1. Ranita, aged 21, resident of 85, Jyoti Basu Avenue, Bhowanipore, Kolkata-20.
2. Razia, aged 21, resident of 77, B.C. Roy Street, Taltala, Kolkata-14.
3. Rebecca, aged 21, resident of 2, Rabindranath Tagore Avenue, Alipore, Kolkata- 23.
hereinafter called the partners of the first part, second part and third part respectively.
WHEREAS the Parties of First, second and third Part by virtue of their partnership deed dated
20th May 2021, are about to start the business of manufacturing and selling of Food under the
style of a ‘cloud kitchen’ under the name ‘Rannaghor’.
AND WHEREAS the Party of second part will be investing Rs. 3 lakhs as the startup capital,
that she received from her father and all relevant licenses shall be processed and procured by the
party of second part.
AND WHEREAS it is deemed necessary and desirable that a regular Deed of Partnership be
reduced in writing and executed on the terms and conditions mentioned hereunder.
THIS DEED WINTESSETH AS UNDER: -
1. The Partnership shall come into effect from the 1st of June 2021 and shall be for an indefinite
period unless it is determined.
2.That the name and style of the Partnership firm hereby formed shall be with the ‘cloud kitchen’
under the same names and style or with branch or branches at such place(s) as the parties may
mutually decide.
3. That the business of the Partnership Firm hereby formed shall be the business of
manufacturing and selling of Food under the style of a ‘cloud kitchen’ under the name
‘Rannaghor’.as hereto before. The parties may, however, with their mutual consent embark upon
a new line or lines of business and may open branch or branches.
4. That the amount standing to the credit of the personal accounts of the Party of Second Part in
the books of above firm as on shall be treated as contribution by her to the capital of the
Partnership and the Parties of the first and third Part shall bring Rs. 10,000/-, each, as their share
towards the capital of the firm.
5. That further finance required for the purpose of business of the firm shall be contributed by the
parties in such rate as may be mutually agreed upon. Interest at the rate of or at a rate as may be
mutually agreed upon between the parties from time to time shall be allowed on the capital
standing to his/her credit for the time being in the books of the partnership.
6. That the regular accounts books shall be kept in due course of business in which shall be
faithfully recorded all the transactions enter into by the firm and such books shall be closed on
or/on any other convenient or auspicious day as may be mutually agreed upon between the
parties hereto from time to time.
7. That on closing the account books in the aforesaid manner, a regular profit & Loss Account
shall be prepared and a balance sheet shall be drawn up.
8. That the Profits & Losses shall be divided between and borne by parties, equally.
9. That the partners shall not be paid any remuneration, except for their due share in profits.
10. That the parties of first and second part shall be jointly in charge of shopping for groceries,
deciding the menu and cooking the food in the house of the party of first part.
11. That the party of the third part shall take care of packaging and delivery logistics, and social
media advertising.
12. That the food delivery service, ‘Tomato’, shall be contracted with to deliver the food on a
commission @ 15% (Exclusive of Goods and Services Tax) for each order delivered.
13. That they can add a kitchen staff later, on completion of at least six months.
14. That all the assets and liabilities of the firm as on tangible or otherwise, would be taken over
by the Partnership at its book value and shall be deemed to be assets and liabilities of this
Partnership and all the Parties hereto will have equal rights/liabilities thereon.
15. That all rights of the firm as on namely ISI marketing license, Trade marks, Sales Tax
registration, Telephone connections, Tenancy rights, Lease rights, Ownership right etc. shall be
deemed to be the rights of the partnership and all the parties hereto will have equal
rights/liabilities thereon.
16. That each partner shall: -
Diligently attend to the business of the Partnership and devote his/her necessary time and
attention thereto.
Punctually pay her/his separate debts and indemnify the other partner and the Assets of the firm
against the same and all expenses therefore.
Upon every reasonable request inform the other Partner of all letters, accounts, writings and such
other things which shall come to her/his hands or knowledge concerning the business of the
Partnership.
17.That neither Partner shall without the consent of the others: -
Lend any of the money or deliver upon credit any of the goods of the firm to any person or
persons whom the other Partners shall have previously in writing forbidden her/him to trust.
Raise or advance any loan in the name of or on behalf of the firm.
Assign, charge or transfer her/his shares in assets or profits of the firm.
18. That the account in the name of the firm shall be opened with the Banks or bankers as the
Parties may mutually decide and the same shall be operated upon by the Parties hereto singly.
19.That any partner may retire from the Partnership firm, hereby formed by giving two months
notice in writing to the others but none shall leave the firm until or unless all the pending
commitments are carried out, liabilities paid off, assets realized and accounts are rendered fully
and settled finally to the entire satisfaction of each of the parties hereto.
20.That in the event of death or retirement of any of the parties hereto the partnership firm
hereby formed shall not dissolve, but shall continue. The legal heir or the representative of the
deceased shall step into her/his shoes.
21.That upon the dissolution of the partnership in any even not hereinafter provided for the said
business, the assets, goodwill and liabilities thereof should absolutely vest on any one partner
mutually decided by the parties to the partnership.
22.That it will always remain open to the parties hereto to amend, annul or change any term or
terms of this Deed of Partnership in the course of its business and in that event of amending,
annulling or changing any term or terms of this deed of Partnership no fresh deed shall be
required to be executed.
23.That without prejudice to the above terms and conditions the parties hereto in all other matters
shall be governed by the provisions of Indian Partnership Act, 1932.
24.That all the disputes or differences arising out of it and connected with the Partnership shall
be referred to the arbitrator in accordance with the Indian Arbitration Act.
IN WITNESS WHEREOF, the parties of the first, second and third parts here have
put their respective hands on this DEED OF PARTNERSHIP on the day, month and year first
mentioned above.
WITNESSES:
Mamta Banerjee
Sourav Ganguly
Ashok Dinda
Partners
1. Ranita
2. Razia
3. Rebecca

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S.

Drafting, Pleading and Conveyancing

THIS DEED WINTESSETH AS UNDER: -

16. That each partner shall: -

17.That neither Partner shall without the consent of the others: -

Raise or advance any loan in the name of or on behalf of the firm.

Assign, charge or transfer her/his shares in assets or profits of the firm.

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