Partnership Deed Sample

DEED OF PARTNERSHIP This Deed of Partnership is made on the 24th of May 2016 of the Christian era — AMONG — Md Rayhanul Islam, son of Md. Mahbubul Islam and Mashrur Jahan, having permanent address of Jahan Villa, Kalibari Road, Bhola – 8300 and present address of 44, West Agargaon, Dhaka – 1207, bearing NID No 19935678901214567, by faith Muslim, by profession a businessman, by Nationality a Bangladeshi (by birth), hereinafter referred to as ‘First Party’ (which expression shall unless excluded by or repugnant to the context, mean and include heir/s, legal representative/s, administrator/s, nominee/s, and assign/s) of the First Part. — First party — AND — Jakaria Nawaz, son of Md. Azom Ali and Maksuda Bibi, having present and permanent address of 55, East Agargaon, Dhaka – 1207, bearing NID No 19935678901214567, by faith Muslim, by profession a businessman, by Nationality a Bangladeshi (by birth) hereinafter referred to as ‘Second Party’ (which expression shall unless excluded by or repugnant to the context, mean and include heir/s, legal representative/s, administrator/s, nominee/s, and assign/s) of the Second Part. — Second party — AND — Takidul Islam, son of Md. Samsul Haque and Rabaiya Begum, having present and permanent address of House no. 10 Road no. 03, Sector 12, Uttara, Dhaka – 1207, bearing NID No 19935678901214567, by faith Muslim, by profession a businessman, by Nationality a Bangladeshi (by birth) hereinafter referred to as ‘Third Party’ (which expression shall unless excluded by or repugnant to the context, mean and include heir/s, legal representative/s, administrator/s, nominee/s, and assign/s) of the Third Part. — Third party WHEREAS the parties hereto agreed to form a partnership firm under this Deed of Agreement in the name of “w3builders” and also agreed to take all profits and liabilities of the firm “w3builder” which was formed by same partners based on a verbal agreement on 23 rd August 2013. AND WHEREAS the firm will be an Information and Technology Firm and shall be registered with the appropriate authorities. AND WHEREAS the parties have mutually agreed to the terms and conditions of the said partnership as stated hereinafter. NOW THIS DEED OF PARTNERSHIP WITNESSES AS UNDER: 1. That the partnership concerned shall be named and called as “w3builders” 2. That the partnership agreement shall be for at least 5 (five) years. 3. That the Managing Partner shall use his residence as home office for the time being and/or will set another place for the official address. 4. That the main invest would be the intellectual property of parties and the initial monetary invest for the firm would be BDT 1,00,000 (One Lac) taka only which would be contributed equally form each party. 5. That an account shall be opened with any scheduled bank in the name of the partnership firm and the said account will be operated by joint signatures of the partners. 6. That the partnership firm shall carry on the business of selling / Servicing website, software, domain, hosting, designing, advising, SEO and other IT service and products. 7. That proper books of accounts of the partnership firm shall be maintained. Any of the partners shall have access to the books of accounts and the said books of accounts shall be audited by a qualified Auditor at the end of each financial year. 8. That the profit or loss shall be equally shared unless there is an extraordinary risk is taken by any party and thus the firm suffer loss due to that extraordinary risk on such situation the parties shall decide the distribution of the loss due to that particular extraordinary risk, but whatever the condition is any single party shall not be made liable to bear more than 50% (Fifty per cent) of the total loss on that matter. 9. That from the profit of the party’s total 10% (Ten Percent) profit will be saved in savings account and shall be used for the development of the firm under the mutual consent of all party. 10. That the parties may work in duel capacity for the firm, thus may have remuneration as an employee as well. 11. That the managing partner shall change in every 2 (two) year on the mutual consent of the parties, no party can hold the office of managing partner two times at a row. 12. That if there is any conflict or confusion or any interpretation is needed reference will always be made to the Partnership Act – 1932 13. That in case of any differences or disputes with the interpretation or implementation of the terms and conditions of this partnership Agreement, the same shall be resolved an Arbitrator Committee hereinafter mentioned. 14. That the committee will be formed with 6 (six) members 3 (three) of which will be noninterested neutral person and 1 representative of each party and the will solve the matter within 30 (thirty) working days, failing of which resulting the matter sent to the civil court. 15. That the arbitration committee shall conduct in accordance with the provisions of Arbitration Act 2001 as much as possible. 16. That if any party dies the profit of his portion will be given to his legal hires. 17. That this partnership is not as will. In the event of the demise of any partner, this partnership will not be dissolved and one of the heir(s) of deceased partner shall become a partner in his place. If there is more than one heir then the heirs will nominate and approve one of them who will become a partner in the place of the deceased partner. 18. That this Partnership shall dissolve by a public notification with the consent and approval of all partners.