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PARTNERSHIP DEED

The DEED of partnership is made at Gaeddu College of Business Studies in room no


307 on Saturday, 30th April 2011 by and between seven partners, namely,
1. Yeshey Tharchen
2. Nima Tshering
3. Sonam Dema
4. Sujata Moth Chhetri
5. Kuenzang Choden
6. Swarasati Gurung and
7. Gaki Dem
The partners agreed to deed laid down orally and mutually amongst themselves on the
30th of April and will be carrying on the business under the name of Dragon Rafting in
Punakha and Tashigang with effect from 1st January 2013 to avoid any
misunderstanding that may arise in the future.

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

under the name and style of Dragon Rafting

2. The partnership business has been and shall continue to be in its principal

place of business at Tashigang and Punakha. The parties by mutual consent

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

from time to time.

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

to have access to and to inspect and take copy of the same.

5. That the partnership has been and shall be a partnership at will

6. That the net profit of the partnership firm after deduction of all expenses

including rent, salaries, other establishment expenses, interest and

remuneration payable to the partners in accordance with this deed of

partnership or any supplementary deed as may be executed by the partners

from time, to time, shall be divided and distributed amongst the partners in

equal proportion.

7. The losses are also to be borne 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

as the case may be.

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

other person or persons as partners on the terms and conditions as may be

mutually agreed amongst themselves.

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

the written consent of each other.

12. That the partners shall be entitled to modify the above terms relating to

remuneration, interest, etc. payable to partners by executing a supplementary

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

operation with interest @ 6% p.a.

14. The death or retirement of the partners shall not result in the

dissolution of partnership business. In the case of death of any one of 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

the partners hereto.

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

Sujata Moth Chhetri

Kuenzang Choden

Swarasati Gurung and

Gaki Dem
Witness

Ms. Dhan Maya Pradhan

Mr. Karma Drukpa


Lecturer of GCBS

The business will come into force only from 1st January, 2013 in Punakha and
Tashigang

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