PARTNERSHIP
DEED OF AGREEMENT
Whereas the parties of the 1st party and 2nd party
have decided to set up an organization under partnership act 1932 under the
name of style of A.M.S FASHION HOUSE from the 1st
DAY OF JANUARY, 2014 and whereas for avoiding future disputes and difference
among the partners IT HAS BECOME NECESSARY to draw a deed of partnership
among the partners by definite declaration of share and interest of the parties
here to and stipulating term and conditions thereof under a proper deed of
agreement.
NOW THIS DEED OF PARTNERSHIP WITNESS that in
pursuance of the premises aforesaid the parties of 1st party and 2nd
party have become partners of the firm of A.M.S FASHION HOUSE from the 1st
DAY OF JANUARY, 2014.
01. That the name and style
of the firm is A.M.S Fashion House and organization of the firm shall be setup
at Shofique Tower, Flat# C3 (2nd Floor),
House# 28, Road # 14/A (New), Dhanmondi R/A, Dhaka 1209, Bangladesh.
02. That the business of the firm shall be
buying house in connection with manufacture and export sales of the readymade garments and others at present and
the firm shall have power to carry any other line of business in future that may be thought profitable from time to time.
03. That the profit and
losses of the firm shall be shared and born by the partners in the following
manners: -
a) Mss. Farzana Islam : 50% Share of profit & loss : First Party
b) Mr. Md. Asheque
Elahi : 50% Share of profit & loss : Second Party
04. That the Capital of the firm has already
been considered at Tk. 53,58,000.00 (Fifty Three Lac Fifty Eight Thousand) only, considering the value of
fixed assets TK 500,000.00 (Five Lac taka) only, and Tk. 48,58,000.00 (Forty eight Lac, fifty eight thousands taka) only as the Goodwill of the 1st
party Miss. Farzana Islam, as per partner's agreement where in it is stated.
05. That out of total considered amount of Tk.
53,58,000.00/= only the 2nd Party will pay a minimum of 50% as his share equivalent to Tk. 26,79,000.00/=
(Twenty Six Lac, seventy nine thousand taka) only to the 11" Party Mss. Farzana Islam as or against her sale of shares as considered above.
06. That no party will invest in the
partnership business further capital amount upto three years (36 months shall
be counted from
the 1st of January, 2014). After expire the said period (1st
January, 2017) both the partner's will decide
for any kinds of further investment in the partnership business. Both of the
partner's will do this mutually as decided between them.
07. The partnership business
shall be carried on, managed, conducted and administrated by the 1st
party in concern with the 2nd party time to time in case of major
decision-making and strategically changing.
08. That the books of
accounts should be prepared quarterly trial balance related with bank
reconciliation and L/C reconciliation
with supporting attached supply to all partners.
09. That the books of account should be
prepared and it must be audited by the registered chartered accounts, and both of the partners will be bound to accept
the books of accounts as prepared by the auditors and the profit & loss will be distributed between the partners at the end of each
financial year. Noted that if any drawings are necessary by both the parties
within the financial year it must be recorded in the books of accounts his or
her personal accounts, which will be adjusted fully with the net profit at the
end of the financial year.
Contd.
Page no: -2-
Page No: -2-
10 The firm's bank account shall be opened in any schedule bank
or foreign bank at Dhaka & Chittagong or in any other
places within outside Bangladesh as will be decided mutually by both of the
parties as mentioned in this deed of agreement.
11. That the Proprietor Miss. Farzana Islam
of the partnership firm has been empowered to open import L/C, Export L/C, BIB UC, as per requirement of the
partnership firm when as arrange CD/SOD/CC/PC and other relevant banking facility as and when required for
promotion business of the partnership firm. For the purpose where of the Proprietor may even Lien of export L/C hypothecation at stock etc.
as and when she deems if necessary.
.
12. That only the Proprietor Mss. Farzana
Islam (1st party) is empowered to sign in the cheques or cheques
upto in any amount. And the
proprietor will do all banking by her alone.
13. The partners shall be responsible for
the efficient management of the partnership business and shall work in complete co-operation.
14. That the both party shall not do singly
any buying house business before expiry of 10 years from the date of partnership business if it is done the capital
of both parties with entitlement of profit if any shall be forfeited with out any question.
15. That the inspection certificate for
Knit Sweaters and woven should be issued by joint signature of Mr. Md. Asheque Elahi and Miss. Farzana Islam.
16. That if it is thought expedient and
necessary for the business more partner or partners may be admitted in the partner by mutual concern of partner.
17. That the death of or retirement of
any partner shall not have effect of dissolving the partnership between the
other partners. There of such, retiring or deceased partner shall be purchase
by one of more of the remaining partners or the same shall be transfer to his or her legal hearer or the
nominees of the decides partner.
18 That in case of voluntary winding up of
firm the partner are jointly entitled and empowered to dispose of the entire firm along with the goodwill and liabilities.
.
19. That no partner is entitled to retire
from the business without giving 3 (three) months’ notice an amount payable to the retiring partner shall be paid as per books of accounts at time
he left the partnership.
20. That any dispute or nuisance or
difference which may arise between the partners or their representative with regards to any matter with in business
territories shall be referred to two arbitrators, when to be nominated by each
party or her or his representative and in case of difference of opinion between
the umpire selected by the partners.
21. That the 1" Party Miss. Farzana
Islam will remain the Proprietor of AMS Fashion House as was previously, until
or unless she
willingly resigns voluntarily.
22. That with
regards to all other provision that are not provided or mention herein before,
the probation of partnership act 1932 shall apply.
Contd.
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Page
No: -3-
In witness where of the partners of the 1st party and 2nd party
of above name have here to set their representative hands in to this presence
to this, the day, month and here 1st above written.
 |
Witness Signature
of the 1st party
(Miss
Farzana Islam)
Dated:
01
MRS. RUBY ISLAM
W/O: LATE. MD. SHOFIQUL ISLAM
ADDRESS: DHANMONDI R/A, DHAKA
Signature
of the 2nd party
(Mr.
Md. Asheque Elani)
Dated:
Note:
A photocopy of this partnership deed of agreement will be also kept with the 1st
Party as their future reference.
THE
END OF SOLE PROPRIETOR PARTNERSHIP DEED OF AGREEMENT
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