Partnership Agreement
This deed of partnership is
made on 04th day of April 202___
Between
Qasim Ali S/O Ali Muhammad
Caste Rajput R/O Ahsan Pura Kot Makhdoom District Lahore CNIC. 37201-1168142-7 of the one part
And
Asim Khan S/O Muhammad Nasir Caste Arain R/O
Mouza Gurnaj Singh Tehsil Patoki Tehsil &
District Lahore. CNIC.
32101-1380152-3
&
Rafique Ahmed S/O Noor
Muhammad Caste Joiya R/O Kat Ganga Singh Mouza Shibli Tehsil Melsi District
Vehari. CNIC. No. 35101-3654718-9
Of the other part
(Each of them hereinafter
called the partner)
Witnesses and it is hereby
mutually agreed that the said parties shall become partners upon the following
terms and conditions.
1.
That the parties hereto shall
become and be partner on the firm of Limited Liability Partnership to carry on
the business of garments from the 04th day of April 202___
2.
That the name of the business
shall be Rashid’s Collection
Kot Makhdoom District Lahore.
3.
That the partnership shall be AT
WILL.
4.
That the capital of partnership
shall be Rs. 10,45,000 by Qasim Ali, Rs. 5,00,000 by Asim Khan at the time of
commencement of business and all the duties of running and looking after the
business shall be upon all the partners.
5.
That the share of the parties in
profit and loss of the business shall be on
the ratio agreed upon by the parties which is as under:-
Qasim
Ali 50%
Asim
Khan 25%
Asim
Khan 25%
In
case of any increment or decrease in percentage share of any party in the
business the percentage of profit loss sharing will be dealt accordingly.
6.
That all the partners shall
possess complete and equal powers to practice in running maintenance and
decision making of the business.
7.
That business will bear all of
its maintenance expenses and running costs.
8.
That all partners are liable to
maintain daily and monthly account books and bank account will be under the
title of the business i.e. Rashid’s
Collection which shall be operated under the authority of all the partners
with the signature of at least two of the partners.
9.
That any possible changes ever
made in carrying the business i.e. change in location, change in assets, change
in products shall be made with the mutual consent of all the partners.
10.
That if any of the parties become
desirous of its retirement from the partnership, that party shall have to serve
a notice in written to other concerned parties 3 months prior to the date of
retirement, and the business shall be kept running and profit/loss will be
divided according to the share of the remaining parties in the business. In
case of non-fulfillment of this clause by the retiring party rest of the
parties shall decide the penalty with mutual consent.
11.
That the addition or expulsion of
any incoming partner or present partner respectively shall be made with the
consent of all the parties.
12.
That in case of death of a
partner rest of the parties are liable to return the percentage share of the
deceased partner to its family and future of the partnership business shall be
decided with consent of rest of the parties whether the partnership business
shall be carried further or have to dissolute.
13.
That the dissolution of
partnership shall be with consent of all the parties to the contract at any time
after the commencement of the business. After dissolution the name of the
business shall remain Rashid’s Collection and under the ownership of Qasim Ali solely,
and the division of assets will be made in such a manner that the right to
purchase the business assets shall be with Qasim Ali first.
14.
That the settlement of disputes
or differences which may arise between partners, shall be referred to the
arbitrators, one to be nominated by each party, and in case of difference of
opinion between them, by the umpire selected by them.
15.
In witness whereof the partners
have executed this deed by affixing its proper fee on the day month and year
first above mentioned.
Executant
#1: ____________________________________________
Executant
#2: ____________________________________________
Executant
#3: ____________________________________________
Witnesses:
1:_____________________________
2:_____________________________
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