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Reconstitution Partnership Deed
Views : 1708
A Deed where one Partner has retired and one new person joined the partnership firm
Font Arial 11
Page Count 6
Word count 1849
Price: 199
1 Recitals
2 Exit of Retiring Partner & Admission of New Partner
3 Firm Name, Nature & Place of Business
4 Capital Contribution & Interest on Capital
5 Profit Sharing & Salary of Partner
6 Banking & Borrowing
7 Authority to Partner
8 Duties of Partners
9 Books of Accounts & Audit
10 Admission of New Partner
11 Retirement & Transfer
12 Miscellaneous Provisions

 

  1. This Re-constitution Partnership Deed has been drafted to cover the situation where One Partner has decided to retire and leave the partnership firm and one new Partner has joined the partnership firm. The said partnership is basically does not have provision of termination by “WILL”.
  2. This Deed covers the clauses which especially needs to be taken care of in this type of Deed like
    • Retiring Partner assign and transfer all his rights and interest in the firm;
    • Retiring Partner agree to not to carry on the same business;
    • Capital contribution post retirement / induction;
    • Profit and loss sharing post retirement / induction;
    • Authority of the partners like open bank account, payment of salary to the employees, registration with government authority etc.;
    • Duties and obligations of the partners like work with bona fide intention, indemnify the firm for his/ her act, account for to the firm for the benefit derived without the consent of other partners etc.;
    • Borrowing aspects when need arises;
    • Admission, retirement and dissolution in brief;
  3. In addition to above, some standard legal clauses like Service of Notice, Governance, Jurisdiction, and counterpart etc has also been covered in this Deed.
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