PARTNERSHIP DEED

PARTNERSHIP DEED
This deed of partnership made on 10th day of July 2022
BETWEEN
1) Mr. SENTHILNATHAN, S/o. Subramanian, residing at No. 216E, Uthukuli Main Road,
Karumarampalayam, Mannarai, Tiruppur, 641607. (Aadhaar No. 3527 9669 6009)
(PAN. AIJPS4587L) (Mob. 9487865566),
2) Mr. SENTHIL KUMAR , S/o. Muthusamy, residing at 46E, Uthukuli Main Road,
Karumarampalayam, Mannarai, Tiruppur, 641607. (Aadhaar No. 9209 4796 0210)
(PAN BIXPS6494J) (Mob. 9442145314)
Whereas, the parties hereto have agreed to commence business in

partnership and it is expedient to have written instrument of partnership.
Now this partnership deed witnesses as follows:
FIRST PARTY SECOND PARTY

(2)
1. Nature of Business: The partnership shall be carrying on business of

Printing in the Tirupur Town
2. Name: The name & style under which the business of the firm shall be
done as "SUBAM TEX ART".
3. Commencement of Business: The partnership shall come into
operation with effect from 10th July 2022 for the purpose of carrying
on business as a partnership firm and for ascertaining the profits and
losses in business for division between the partners.
4. Place of business: The principal place of the business of the firm shall
be that of Door No. 46D, Uthukuli Main Road,
Karumarampalayam, Mannarai, Tiruppur, 641607rented building
by the partners.

(3)
5. Capital: The capital required for the business shall be contributed by

the partners at their conveniences. Such capital shall be recorded in
the books of account immediately. In case, the capital contributed by
the partners is not sufficient to meet the business requirements, such
additional capital may be invested by the partners at their option or it
may be borrowed from others for interest at market rates. The amounts
so borrowed shall be recorded in the books of account immediately,
otherwise they do not bind the firm.
a. Initial Capital of Sum of Rupees 2,00,000/- (TWO) Lakhs has
been put forth by the partners as a seed fund for the business.
6. Workings: Both the partners shall be responsible for and entitled to
carry out the day to day functioning of partnership firm.

(4)
7. Working expenses: Nothing precludes the partners from drawing the
amounts from the firm.
8. Bank Accounts: That the firm shall maintain one or more than one
Bank Accounts with one or more than one Bank of repute. The same
shall be operated by both the parties.
9. Accounts: That the firm shall regularly maintain in the ordinary course
of business, a true and correct account all its incoming and outgoing
and also of all its assets and liabilities, proper books of accounts. which
shall ordinarily be kept at the place of business, and an account shall
be taken once in every year as on the 31st day of month of March for
the profits and losses of the business carried on by the firm and a
Balance Sheet prepared of the firm's assets and Liabilities as on that
date which shall be signed by the partners and a copy of which shall be
supplied to each partner. Every partner shall have access to the books
and the right to verify their correctness.
10. Shares in profits and Losses: The share of the parties hereto in
the net profits and losses of the business shall be as follows namely:-
a. FIRST PARTY : 50 %
b. SECOND PARTY : 50 %
c. and the amount falling to the share of each party, on the taking
of accounts aforesaid, shall be credited, as the case may be,
to his personal account in the books of the firm
11. Discharge of partner's Debts: The partners shall regularly pay and
discharge their separate debts and liabilities and indemnify the firm
against the same.
12. No partner shall have right to transfer, sell, mortgage or encumber
in any manner, his right, title or interest in the partnership business or
its assets and shall not do or cause to be done such thing or act
whereby his interest in the partnership business may, in any manner
be encumbered.
(5)
13. The partners of the firm are not empowered to change the
constitution of the firm in any manner. That, no partner can induct any
new member in the firm without prior approval in writing. In case of
retirement of partner at his will, he should give 3 months’ notice to the
other partner(s) as his intention to do so with prior written approval
and then only retirement can take place. Upon the death of any partner,
one of the legal representatives of the deceased partner shall become
the partner of the firm.
14. The duration of the firm shall be for continuous period subject to
terms of partners.
15. In case the partners decide to alter, change, amend or modify any
clauses of this deed of partnership there are free to do so a fresh deed.
16. The firm shall be registered under the Indian Partnership Act.
17. That all provisions of the Partnership Act, 1932 are applicable in
dealing with the matters of partnership firm which are not specifically
mentioned in the partnership deed.
18. Arbitration: Whenever there by any difference of opinion or any
dispute between the partners the partners shall refer the same to an
arbitration of one person. The decision of the arbitration so nominated
shall be final and binding on all partners, such arbitration proceedings
shall be governed by Indian Arbitration Act, which is in force.
IN WITNESS WHEREOF the partners above mentioned have set their hands
in token of execution of partnership deed after careful consideration,
taking legal aid, consulting well-wishers, read over the contents of the deed
and understanding the same with their free will and gave consent on the
10th day of the July 2022 first above written.
Witness : 1) 2)

PARTNERSHIP DEED - Senthinathan

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PARTNERSHIP DEED - Senthinathan

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This deed of partnership made on 10th day of July 2022

Whereas, the parties hereto have agreed to commence business in

FIRST PARTY SECOND PARTY

1. Nature of Business: The partnership shall be carrying on business of

FIRST PARTY SECOND PARTY

5. Capital: The capital required for the business shall be contributed by

FIRST PARTY SECOND PARTY

FIRST PARTY SECOND PARTY

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