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The partners should therefore abide by the terms and conditions of the partnership
deed as follows:
1. That the partnership business has been and shall continue to be carried on
2. The partnership business has been and shall continue to be in its principal
may carry on business at such other place or places, in such other name or
names and of such other nature or natures, as they may deem fit and proper
3. That the parties hereto shall be true and faithful to each other and shall not do
or cause to be done anything which may be harmful to the interest of the firm.
4. That the parties shall keep or cause to be kept proper books of account and
documents and shall make entries therein of all receipts, payments and other
matters as is usually done and entered in the books of account kept by persons
engaged in business similar to that of the firm. Each partner shall have a right
6. That the net profit of the partnership firm after deduction of all expenses
from time, to time, shall be divided and distributed amongst the partners in
equal proportion.
8. That the bank account or accounts have been and shall be maintained in the
name of the firm and shall be operated individually and jointly by the partners
9. That the books of account shall be closed on 31st December every year.
10. That if the partners deem proper and in their interest, they may admit any
11. That the partners shall not take any loan from any person/Financing Company,
bank or any other Govt./Pvt. Department in any case for the business, without
12. That the partners shall be entitled to modify the above terms relating to
deed and such deed when executed shall have effect unless otherwise provided
from the first day of accounting period in which such supplementary deed is
executed and the same shall form part of this deed of partnership.
13. Drawings on Partners capital will be allowed only after 5 years of the business
14. The death or retirement of the partners shall not result in the
partners, the only the legal representative of the diseased partner’s shall take
his/her place. The partners are not liable to retire until pending commitments
are carried out and the liabilities are settled to the full satisfaction of each of
15. That each partner shall contribute equal amount of capital and no interest shall
be paid on the initial contributions to the capital of the partnership or any
subsequent contributions of capital until first five years of business operations.
In witness where off, the parties have put their respective hands on this DEED OF
PARTNERSHIP on Saturday on 30th April 2011.
Partners Signature
Yeshey Tharchen
Nima Tshering
Sonam Dema
Kuenzang Choden
Gaki Dem
Witness
The business will come into force only from 1st January, 2013 in Punakha and
Tashigang