- That
the regular book of account of the business of the partnership
firm shall be maintained in the normal course of business. The
account shall be closed every year on 31st March.
- The
Interest on the capital of Partners shall be @ 12% P.A or as may
be prescribed U/S 40 (B) of Income Tax Act. That the rate of
interest can be lower than 12%P.A or reduced to nil as may be
agreed between the partners from time to time.
- That
the business of the partnership shall be carried out by the
partners to the greatest common advantage of the partnership and
they shall be faithful to each other and also render full
accounts and full information of all things affecting firm to
every Partner or his legal representative as the case may be.
- That
every partners shall have the authority to do all such acts for
the purpose of Protecting the firm from loss as would be done by
the person of ordinary prudence in his own case under similar
circumstances and the partners shall indemnified by the firm or
the other partners in respect of any expenditure incurred of
payments made in connections there with.
- No
partner shall without the consent in writing of the other
partner shall
1.
Assign,
mortgage or change his share or in the partnership, wholly or
part,without the consent of all partners.
2.
Transfer
immovable property belonging to partner ship firm.
3.
Enter
in to partnership on behalf of the partnership firm.
4.
Open
a bank account on behalf of the Partnership firm, Only the
Second Part to this deed has the power to make such
representation to the bank
5.
Raise
any loan on the strength of the credit of the Partnership
firm, except when the same is required for the purpose of
Business of this Partnership
firm. Any loan raised in Contravention of the above
shall be borne by the person raising the loan personally.
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