partnership act

21. OPTION TO PURCHASE SHARE OF RETIRING, DECEASED OR INSOLVENT  PARTNER.  If during the continuance of the partnership any Partner shall retire or die or become insolvent then the remaining Partner shall have the option (to be exercised by notice in writing to the retiring Partner or to the legal representatives of the deceased Partner or to the receiver of her estate as the case may be, within a month after the retirement, death or insolvency) to purchase the share of the other Partner at the date of her retirement, death or insolvency in the capital and assets of the partnership on the following terms: (a) The purchase price shall be the amount at which such share shall stand in the last balance sheet which shall have been prepared prior to the retirement, death or insolvency or if the retirement, death or insolvency shall occur before the taking of the first annual account the amount credited to her as her share in the capital up to the date of her retirement, death or ins...

and any of the Partner or her authorised agent shall at all times have free access to and the right to inspect and copy the same. 14. ANNUAL ACCOUNTS 14.1. On the January 1 of each year during the continuance of the partnership an account shall be taken of all the capital, assets and liabilities and of the profits and losses of the partnership so that actual receipts and payments alone shall be taken into account (or, including therein the profits carried or losses incurred but not actually received and paid) for the preceding year and shall be signed by each Partner. Such an account when signed shall be binding on the Partners. 14.2. Subject to Clause 14.1 above any manifest error in the annual account if discovered within 6 months of the signing of the accounts as contemplated in Clause 14.1 shall be rectified. 14.3. After the Partners sign the annual account the net profits (if any) of the partnership business for that year shall be divided between them in accordance with the provis...

establishment expenses shall be divided and distributed amongst the Partners in the following proportion: First Partner- 50 percent  Second Partner- 50 percent  REMUNERATION OF PARTNERS/DRAWINGS BY PARTNER Each Partner shall be entitled to draw out the partnership business any sum or sums of money not exceeding Rs 1 lakh per month for her own use, such sums to be duly accounted for on each succeeding settlement of account and division of profits of the partnership and any excess of the drawings found on such settlement shall be refunded (with interest at 5 percent per annum). INTEREST ON CAPITAL Simple interest @ 12% per annum or at such higher lower rate as may be prescribed under section 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 period shall be payable by the partnership on the amount standing to the credit of the fixed capital account of the P...

Ans:  1. COMMENCEMENT OF PARTNERSHIP The Partners hereby agree that the partnership firm shall come into force on the Effective Date. 2. NAME AND STYLE The business of partnership shall be carried on under the name and style of ' Creative India' that may be agreed upon by and between the Partners from time to time. 3. REGISTERED OFFICE The registered office of the Partnership shall be situated at A.B Road Indore or such other place or places as the Partners may from time to time mutually agree upon. 4. BUSINESS OF THE PARTNERSHIP The partnership will carry on the business of 1. Garments 2. Electronics Equipments The Partners may carry on such other unrelated businesses as may be mutually agreed from time to time.  5. PRINCIPAL PLACE OF BUSINESS The partnership business shall be carried on at Indore or at such other place or places as the Partners may from time to time agree upon. 6. CAPITAL CONTRIBUTION The capital of the partnership shall be Rs 5 crores which shall be contrib...

THIS DEED OF PARTNERSHIP made at Rajendra Nagar, Indore on this 21st day of October 2023.  BETWEEN: 1. Shri Harshit Verma, an Indian inhabitant, son/daughter of  Shirish Verma, residing at H.no 228, Rajendra Nagar, Indore, Madhya Pradesh (hereinafter referred to as the "First Partner" which expression shall unless it is repugnant to the context, mean and include her legal heirs, successors, administrators and assigns or anyone claiming through or under her); and Shri Gajendra Singh, an Indian inhabitant, son/daughter of Sher Singh, residing at  H. No 347, Sainath Colony, Indore, Madhya Pradesh (hereinafter referred to as the "Second Partner" which expression shall unless it is repugnant to the context, mean and include her legal heirs, successors, administrators and assigns or anyone claiming through or under her); Who are hereinafter collectively referred to as "Partners" and individually as "Partner". WHEREAS A. The Partners have decided to ent...