(PARTNERSHIP DEED UNDER INDIAN PARTNERSHIP ACT 1932)

THIS DEED OF PARTNERSHIP made on this the 25th day of Jan 2017
BETWEEN
Ramnath Prasad, son of Sri Dukhan Sahu, Resident of H. No 56 B , Mahuadanr, P.O
Mahuadanr District: Latehar 822119, (Jharkhand), (hereinafter called and referred to as
the FIRST PARTY) of the ONE PART;
Ashish Kumar, son of Sri Bhim Ram, Resident of Manjhiladih, P.O Saranda, P.S Birni,
Saranda, Saranda, District: Giridih 825324, (Jharkhand), (hereinafter called and referred
to as the SECOND PARTY) of the OTHER PART;
AND
Vikash Kumar, son of Late Jai Prakash Gupta, Resident of H. No 681 / A, Om
Communication, Oppo. National Motor Training School, P.S Sukhdev Nagar, Ratu Road,
Hehal Ranchi, District: Ranchi 834005, (Jharkhand), (hereinafter called and referred to as
the THIRD PARTY) of the OTHER PART;

The expression referred to as above shall include unless contrary or repugnant to

the context shall include their respective heirs, executors, administrators and assigns of
the respective parts.
WHEREAS the parties hereto the FIRST PARTY, SECOND PARTY, and the
THIRD PARTY decided and agreed to commence and carry on business of Educational
Training and Services in Partnership with effect from 25th day of Jan, 2017 under the
name and style of Sanskar Educational Services on the terms and conditions
settled and agreed between them.
WHEREAS it is considered necessary and wise that the terms and conditions
settled among the parties be reduced into writing in order to avoid complications and
misunderstanding in future.
THIS PARTNERSHIP DEED NOW WITNESSES AND IT IS MUTUALLY AGREED AS
UNDER:1. That the business of the Partnership shall be carried on by the Partners with effect
from 25th day of Jan, 2017.
2. That the business of the Partnership shall be carried on under the name and style
of Sanskar Educational Services which may be changed or modified as
may be mutually agreed to by the parties hereto and any branch (es) and/or unit(s)
may be established and separate name may be used for such branch (es) and
unit(s).
3. That the main place of business of the firm will be at H. No 30, Metro Gali, Ratu
Road, Ranchi, P.O Hehal, P.S Sukhdeo Nagar, and District: Ranchi,
Jharkhand 834005. And/or at such other place(s) as may be agreed upon from
time to time by the parties hereto.
4. That the Partnership is at will terminable at the option of any Party, by, giving three
months notice to the other party or leaving such notice at the principal place of
business and in case the partners so agreed Partnership may be dissolved any
time, without a notice, with the mutual consent of the parties hereto.
5. That Capital/Fund required for the smooth running of the business shall be
contributed by the Partners in such proportion as may be mutually decided among
them and interest on such Capital/Fund shall be payable @ 12% per annum or
such lower/ higher rate as may be prescribed u/s 40(b) (iv) 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 year.

6. That the All the Partners shall be working partners and they shall perform such
duties from time to time as they mutually agree and for this they shall be entitled to
pay remuneration which shall not exceed the amount allowable under provision of
section 40(b) (v) of the Income Tax Act, 1961 as stated below:
i. In case of Book Profit
upto Rs. 3, 00,000/-

Rs. 1,50,000/- or @90% of the

book profit whichever is higher

ii. On the of Book Profit

Exceeding Rs. 3, 00,000/-

Rs. 2, 70,000/- plus @60% of the

excess profit over Rs. 3, 00,000/-

Explanation: For the purpose of this clause the expression Book Profit shall mean
the Book Profit as defined in section 40(b) of the Income Tax Act, 1961 or any
statutory modification or re- enactment thereof for the time being in force.
Such total remuneration shall be credited / paid to all the working partners in the
following ratio:
Ramnath Prasad
Ashish Kumar
Vikash Kumar

33.33%
33.33%
33.33%

7. That the Net Profits or Losses of the Partnership Business as per the account
maintained by the partners, after deduction of all expenses including Interest and
remuneration payable to the partners in accordance with this deed or any
supplementary deed as may be executed by the partners shall be divided and
distributed amongst the partners in the following proportion:Ramnath Prasad
Ashish Kumar
Vikash Kumar

40.00%
40.00%
20.00%

8. That further fund required for the smooth running of the business may be arranged
from any Bank(s) or Financial Institution(s) as any is mutually decided amongst the
Partners from time to time.
9. Bank account of the firm will be operated by First party Ramnath Prasad
, Second party Ashish Kumar OR Third party Vikash Kumar as per
mutually agreed by all the partners in writing. In the case of expansion of business
in the same or other city/ district / state for smoothly running of business of the
firm, if necessary, there may be opened a Bank account in the name of partnership
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firm. All such bank account or accounts may be operated by the signature of First
party, Second party, or Third Party , or either any two or jointly by mutually agreed
by all the partners in writing
10. That the books of account will be maintained at the place(s) of business which will
open to inspection by the Partners or by any One of them or by his authorized
representative during business hours and each Partners or his authorized
representative will be entitled to take copies of or extracts from the same. The
books will be closed on 31 st March every year unless otherwise decided mutually
by the Parties hereto.
11. That at the end of each accounting period or on such date(s) as may be
convenient to the partners and general account of all transactions of the firm will be
taken and profit or loss will be determined after providing for all outgoing expenses
including interest and remuneration payable to partners and such net profit or loss,
as the case may be divided among the partners accounting to their shares
enumerated in paragraph (7) above.
12. That any Partner may retire from partnership by giving two Months notice in writing
to the Partners of his intentions to do so and such retirement of Partners of his
intentions to do so and such retirement of Partner shall not operate as dissolution
of the firm. The continuing party (ies) may introduce another party (ies) as partner
in the Partnership on such terms and conditions as may be agreed to. The retiring
partner shall be deemed to relinquish all his claims, interest and right in the
Partnership except to receive the payment due to him.
13. That each Partner will make good the loss occasioned to the firm due to hi fraud
or gross negligence in the conduct of the business of the firm.
14. That each Partner will be honest and diligent and will carry on the business of the
firm on behalf of the Partners and to the best advantage of the Partnership.
15. That each Partner will be reimbursed for all expenses incurred for carrying on the
business of the firm on or in protecting the firm from loss in an emergency as will
be done by a person of ordinary prudence.
16. That the business of the firm may be carried on and/or Bank(s) account may be
carried on and/or Bank(s) account may be opened in the name of the firm or in the
name of any of the Partner on behalf of the firm as decided and agreed upon
amongst them time to time.
17. That each Partner shall be entitled severally or jointly to open and operate bank
account in the name of the firm and also to drawn endorse negotiate or give valid
discharge for all Cheques, Hundies, Bills, Promissory Notes and other negotiable
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instruments in the name of the firm and also arrange loans from Banks and from
other person including both State and Central on hypothecation of stocks or on any
other security or otherwise for carrying on the business of the firm.
18. Those partners are entitled severally or jointly to enter into Agreement and contract
on behalf of the firm and to sign all papers, agreements, application, plaints, power
of attorney, written statements and other necessary papers on behalf of the firm.
19. That any account of Capital may be withdrawn by any Partner from the firm with
the mutual consent of the partners.
20. That all the partners shall working partners and they shall responsible for
conducting the affairs of the business or the partnership firm to the best of their
knowledge and ability and to comply with the necessary legal formalities in respect
of the firm.
21. That Firm may enter into any other Partnership Firm as a Partner with any
person(s), firm or company for the purpose of business of the Firm and any partner
of the firm shall represent the Firm in that other firm as a partner on behalf of the
firm.
22. That each Partners will be entitled to carry on their other business either of the
same nature and/or of different nature either as proprietorship concern or in
Partnership with other and provisions of section 16 of Indian Partnership Act, will
not be applicable to such business.
23. That all disputes between parties regarding their respective rights and liabilities
and also regarding interpretation of the provisions contained in these presents will
be referred to one Arbitrator(s) selected by the Partners with umpire being selected
by the Arbitrators and the award of the Arbitrator(s) will be final and conclusive in
respect of the points referred to such Arbitration.
24. That no Partners will be entitled to lock up business premises of the firm or freeze
Bank Account in the name of the Firm or issue notice of their stoppage with the
intention to prejudicially affect the business of the firm. The dispute under such
circumstances will be forthwith referred to arbitrator(s) as provided above.
25. That this partnership deed will be subject to the provisions of the Indian
Partnership Act 1932 as are in force from time to time.
26. The Balance Sheet and Profit & Loss Account of every financial year of the Firm
will be prepared & duly audited through Chartered Accountants Appointed by the
Firm.
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27. That in case of death, the firm shall not be dissolved and the business of the firm
will be carried on by the remaining Partners and if it is so agreed upon amongst the
surviving Partner(s) with the legal heir or legal representatives of the deceased
instance and/or disabled Partner.
IN WITNESS WHEREOF the Parties of the FIRST PARTY, SECOND PARTY, AND
THIRD PARTY, do here on to set their hands in presence of witnesses on the day,
month and year first above written.
WITNESSES:
1.
Signature of First Party

2.
Signature of Second Party

Signature of Third Party