P-DEED
P-DEED
THIS DEED OF PARTNERSHIP is made at Raipur [Chhattisgarh] on the 13th day of April 2022;
BY AND BETWEEN:
(1) SUBUHI PARVEEN, D/o Shri Yusuf Ali, aged about _______- years, resident of 513, Muir
Road, Rajapur, Allahabad, U.P., 211002 [hereinafter called Partner of the FIRST PART];
AND
(2) SHAHLA PARVEEN, D/o Shri Yusuf Ali, aged about _______- years, resident of 513, Muir
Road, Rajapur, Allahabad, U.P., 211002 [hereinafter called Partner of the SECOND PART];
THE EXPRESSION, the partners hereto of the FIRST & SECOND part shall unless contrary or
repugnant to the context, include heirs, executors, legal representatives, and administrators of their
respective parts and;
WHEREAS the partners hereto of the FIRST & SECOND part are desirous of joining hands with
one another to commence and carry on the business in the partnership and;
WHEREAS it is deemed expedient to reduce into writing the terms, conditions & stipulations,
under which the said partnership shall be carried on.
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NOW, THIS INDENTURE WITNESSES AS FOLLOWS:
(a) To purchase any land, plot(s) of land or immovable property or any right or interest therein
either singly or jointly or in Partnership with any person(s) or Body corporate or partnership
Firm and to develop and construct thereon residential, commercial complex or complex(es)
either singly or jointly or in partnership as aforesaid, comprising offices for sale or self-use
or for earning rental income thereon by letting out individual units comprised in
such building(s).
(c) To purchase, sell and otherwise carry on the business such as builders, contractors, architects,
engineers, Estate agents, decorators and surveyors.
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(d) To purchase for resale and to trade in land and house and other immovable property of any
tenure and any interest therein, and to create, sell and deal in freehold and leasehold ground
rents, and to deal in trade by way of sale, or otherwise with land and house property and any
other immovable property whether real or personal.
(e) To construct, execute, carryout, equip, support maintain, operate, improve, work, develop,
administer, manage, control and superintend within or outside the country anywhere in the
world all kinds of works, public or otherwise, buildings, houses and other constructions or
conveniences of all kinds, which expression in this deed includes roads, railways, and
tramways, docks, harbors, Piers, wharves, canals, serial runways and hangers, airports,
reservoirs, embankments, irrigation, reclamation, improvements, sewage, sanitary, water,
gas, electronic light, power supply works, and hotels, cold storages, warehouses, cinema
houses, markets, public and other buildings and all other works and conveniences of public
or private utility, to apply for purchase or otherwise acquire any contracts, decrees,
concessions, for or in relation to the construction, execution, carrying out equipment,
improvement, administration, or control of all such works and conveniences as aforesaid and
to undertake, execute, carry out, dispose of or otherwise turn to account the same.
(f) Any other business as the Partners may decide mutually from time to time.
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(i) The remuneration payable to working partners shall be calculated at the prescribed
percentage of the “BOOK PROFIT” under the relevant provision of the Income Tax
Act, as amended from time to time;
(ii) For the purpose of the above calculation, “BOOK PROFIT” shall be computed as
defined in Section 40(b) of the Income Tax Act, 1961 or any other applicable
provision as may be in force for the Income Tax assessment of the Partnership Firm
for the relevant accounting period.
(iii) The remuneration payable to the above-said partner shall be credited to their
account(s) at the close of the accounting period when final accounts of the
partnership are made up and the amount of remuneration shall fall due to him as
determined in the above manner.
(iv) The present slab as per Income Tax Act, 1961 is as under:
(v) The total remuneration so calculated will be distributed amongst the working
partners as under:-
However, in case of loss or lower-income, remuneration can be NIL or lower than above as
may be agreed to by and between the partners from time to time. The partners may change
the remuneration at any time after recording it in writing.
The partners, may, from time to time, change the profit sharing ratio, depending upon the
project in hand, the individual contribution of capital by the partners, working contribution by
the individual partners etc. Hence partners may, from time to time agree to share the profit or
loss of the firm in different ratios for different projects, as they may agree in writing from
time to time;
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(12) DEBTS:
(a) Each partner shall punctually pay their separate debts and indemnify the other
partner or partners and the assets of the firm against the same and shall pay
expenses on account thereof.
(b) It is agreed amongst parties that working partners are jointly authorised to
mortgage, assign, and transfer any assets/rights in favour of any bank, financial
institution, or any other person for any consideration such as loan, premium etc.
(c) Loans in the name of the firm and for the purpose of the firm may be raised with the
consent of all the partners and loan documents may be signed by all the partners
jointly.
.
(13) PROPERTY OF THE PARTNERSHIP FIRM:
(a) That any Land, Building, Machinery, vehicle, or any Movable or Immovable assets,
purchased in the name of any partner with the capital of the firm can be treated as the
property of this firm as per mutual consent.
(15) AUTHORITY:
This firm shall apply for obtaining registrations, permits, lease or leases, licences, permits,
and or authority letters, that would be necessary for the regular course of business and this all
shall be done by any partner with her signature individually for which they are unanimously
authorised by all the parties to this. The authorisation to partners is full and complete and no
separate power of attorney shall be required to be given to them.
(b) Each Partner shall be just and faithful to the others or other of them and shall at all
times give to such other or others of the full information and truthful explanation of
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all matters relating to the affairs of the Partnership and offer every assistance in her
power in carrying on the business for their mutual advantage.
(18) THE POWERS AND DUTIES OF THE PARTNERS FOR FUTURE COLLABORATION:
The powers and duties of the Partners, which shall be exercised at their sole discretion with
mutual consent (written/verbal) from partners, shall include but not be limited to the below:
(a) To convert this partnership Firm into LLP or Private Limited or Limited
Company as and when Partner opts to do so.
(b) To acquire, purchase, takeover and /or amalgamate business or undertakings of
companies or firms which under existing circumstances, from time to time, may
conveniently or advantageously be combined with the business of the firm, to
amalgamate or merge with companies whose business are so acquired, purchased
or taken over and/or to enter into any agreement with the object of acquisition of
such undertaking and/or business.
(c) To go into acquisition, purchase, takeover and/or amalgamate of other entities or
vice versa as and when Partner opts to do so.
(d) To sell, mortgage, assign or lease and in any other manner feel with or dispose of
the firm or properties of the firm or any part thereof, whether movable or
immovable for such consideration as the Partners of the firm may think fit.
(e) To sell, mortgage, assign, lease or dispose of the properties/assets of the firm
(including movable and immovable) to any person, company or other entity at
mutually agreed prices by the partners.
(a) Lend any of the money or deliver upon any of the goods to any person or persons on
credit to whom the other partner or partners shall have forbidden him to trust.
(b) Give any security or promise for the payment of money on account of the firm
unless in the ordinary course of business.
(c) Enter into any bond or become bailee or surety of any person or knowingly cause or
suffer to be done anything whereby the partnership property may be discharged.
(d) Draw, accept or endorse any bill of exchange or promissory note on account of the
firm, unless in the ordinary course of business.
Any partner committing in breach of any of the foregoing stipulations shall indemnify the
other partners from all losses and expenses on account thereof.
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(22) EFFECT OF DEATH, RETIREMENT, INSOLVENCY AND LUNACY OF ANY
PARTNER:
The death or retirement of any partner shall not dissolve the firm. In the event of the death of
a partner, the legal heirs and/or lawful claimants of the deceased partner shall be treated as a
partner instead of the deceased partner.
IN WITNESSES WHEREOF the partners here to have set their respective hands the day and year
first hereinabove written.
IN THE PRESENCE OF
1. SIGNATURE______________________ 1. SIGNATURE______________________
3. ADDRESS—________________, 3. ADDRESS__________________________
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