SINDH MADRESSATUL ISLAM UNIVERSITY
ASSIGNMENT NO 01
Submitted to: Ma’am Pireh
Subject: Business Law
Semester: 6th A
Group members: Danish khan (086)
Zain Ali (064)
Naquash Bashir (072)
Ahsan khan (103)
PARTNERSHIP DEED
PARTNESRSHIP DEED:
This deed is presented among partners on August 10, 2020 at Karachi.
AMONG
1. Danish khan S/O Muhammad Jawed, aged 21 years, CNIC # 42301-1429349-1 presently and
permanent address in Pakistan, Garden Police Head Quarter, south, Karachi.
-------------------------------------------------referred to as, the Party of the FIRST PART.
2. Zain Ali S/O, Azam gujjar, aged 25 years, CNIC #41212-6478483-1 presently and permanent address
in Pakistan, Gulshan e Hadeed Phase-2, Karachi.
--------------------------------------------------referred to as, the Party of the SECOND PART.
3. Naquash Basheer S/O Muhammad Basheer, aged 22 years, CNIC #423011-1567744-1 presently
and permanent address in Pakistan, Gulshan e Hadeed, Phase-1, Karachi.
---------------------------------------------------- referred to as, the Party of the THIRD PART.
4. Ahsan khan S/O Muhammad Iqbal, aged 26 years, CNIC #42012-1543679-1presently and permanent
address in Pakistan, Gulshan-e-Hadeed Phase-2, Karachi.
------------------------------------------Referred to as, the Party of the FOURTH PART.
We have mutually decided to start a business of fast food restaurant Named, Mavericks. In which we are
providing all categories of Pizzas, Burgers, Rolls, Cold drinks, Ice Creams and Salads of different categories
etc.
NATURE OF THE BUSINESS OF THE BUSINESS:
We are providing the food of best quality at affordable price. Our Food is for all classes as everyone can easily
afford our pricing.
RESIDENCY AND LOCATION:
All partners are living in Karachi, and the location of the restaurant is in Gulshan-e-Hadeed Block # A, PLOT
NO# 504, PHASE-1, KARACHI.
INVESTMENT OF EACH PARTNER:
The amount of investment that we have calculated is about 80 millions.
Danish khan has invested 24 million. And the return on investment will be according to their share.
Naquash Basheer has invested 24 million. And the return on investment will be according to their
share.
Zain Ali has invested 16 million. And the return on investment will be according to their share.
Ahsan Khan has invested 16 million. And the return on investment will be according to their share.
DURATION OF PARTNERSHIP:
The duration of partnership is 50 years.
CONDITIONS ON WHICH PARTNERSHIP CAN DESSOLVE:
The partnership can dissolve if partners are not fulfilling their duties related to business which they have
appointed.
If any of the partner is not able to continue his duty due to accident or any other severe issue. So,
partnership will dissolve.
If all the partners wants to dissolve the partnership according to law by proper documentation.
When the time duration will end. So, partnership will dissolve.
RIGHTS AND DUTIES:
Rights and duties of every partner are according to the partnership act 1932.
Right to take part in business.
Right to express opinion.
Right to inspect books.
Right to share profits.
Right to act in emergency.
Duty to carry on business.
Duty to be honest and faithful.
Duty to render accounts.
Duty to indemnify.
Duty to provide all information.
PERIOD OF ACCOUNTING YEAR:
The accounting year is 1st June to 31st July.
DUTIES OF PARTNERS WHILE RETIREMENT AND DEATH OF PARTNER :
The following decisions are the mutual decision of all the partners regarding their retirement and death.
Retirement and death of Danish khan, in case of my death. I Danish khan give all rights of my
business to my family to continue my business.
Retirement and death of partner Naquash Basheer. In case of death I Naquash Basheer give all
rights to my family to continue my business.
Retirement and death of partner Zain Ali. In case of my death. I Zain Ali give all rights of my
business to my wife to continue my business.
Retirement and death of partner Ahsan khan. In case of my death. I Ahsan Khan give my
contribution in charity trusts.
CONFLICT RESOLUTION:
If any of the partner have any conflict regarding the business. So, his conflict will be resolved by taking mutual
decision of all the partners.
RETIREMENT CRITERIA OF PARTNERS:
According to the mutual decision all partners are supposed to refer any family member or friend to replace them
in case any partner wants retirement.
RULES OF DECEASED PARTNER AND PAYMENT:
The payment of deceased partner will be given within one month after their death.
Manner of payment will be according to their want cash or check by proper documentation.
BOOKS OF ACCOUNT:
There are different books of account. And for check and balance auditing will take place once in a year to get
the actual and true result of business.
RESTRICTIONS ON ANY PARTNER:
The restriction on partners is that if any of the partner is not working honestly or making decision by himself on
very serious issues regarding the business and not asking for mutual decisions. So, he will be excluded from the
business. Except this if any of the partner wants to dissolve partnership he will have to inform us 3 to 4 months
before and the reason behind the dissolving partnership should be genuine otherwise other partner can sue in the
court. Partners will dissolve their partnership legally and through proper documentation as mention in deeds.
RULES OF EXPULSION OF PARTNER:
If any partner caught doing fraud. So, his partnership will be dissolved. The share of that partner will not be
given to him.
The decision making on serious issues regarding the business should be mutually otherwise partner will be
excluded from the business.
The work and duties are appointed to every partner if anyone of them is not working honestly, so other partner
have right to exclude that partner from the business.
If any partner is not working with honestly, other partners have a right to expulse that partner from the business.
