Partnership among Solicitors or Advocates
This indenture is made this ……… day of ………2000 between (i) AB son of ……… etc., hereinafter referred to as the first partner of the first part, (ii) CD son of etc., hereinafter referred to as the second partner of the second part and EF son of ………, etc., hereinafter referred to as the third partner of etc., of the third part Witnesseth that the said first partner, second partner and third partner hereby mutually covenant and agree to be partners in the profession of solicitors on terms as follows:
1. The said partners will carry on the profession of solicitors in partnership at …………… under the name and style of ……………… as from the ……… day of ………
2. The partnership shall continue for the term of ……… years with effect from the said ……… day of ……… unless previously determined as hereinafter provided. The death, withdrawal or retirement (or bankruptcy) of any partner shall not determine the partnership as to the other partners.
3. The first party shall have ……… shares in the said partnership business and the second party ………… shares and the third party ……… shares and they shall be entitled to the net profits accordingly.
4. The capital requisite for carrying on the partnership business at present is Rs. ……… which shall be contributed by the partners in proportion to their respective shares immediately on execution of these presents. Any further capital required from time to time shall be contributed by the partners in the shares in which they are for the time being entitled to the net profits of the said business and such capital shall carry interest at the rate of ……… per cent per annum payable on the ……… day of ……… in each year before any division of profits.
5. Subject to the provisions of these presents, the goodwill of the partnership business shall belong to the said first partner and second partner in equal shares.
6. The staff to be maintained shall consist of one managing clerk, one court clerk, two typists, one bill clerk and two peons. All appointments and dismissals, fixation of salaries, bonus, retirement benefits, etc. shall be done by the party of the first part.
7. Proper books of account e.g., day book, cash book, ledger, law ledger and diaries, counsels’ memo files shall be kept by the partners at the business premises and the same at all times be available for inspection by all the parties.
8. Each partner shall duly punctually make full and proper entries of all business transacted by him on account of the partnership and check up the bill or bills for all such matters but none except the first party shall have any right to settle any bill by forgoing any amount.
9. Each partner shall be entitled to draw a sum of Rs. ……… each month and the balance on account of his share in the partnership property twice a year once on 2nd January and another on 2nd July after adjustment of all accounts of the firm; such account shall be prepared containing the details of the assets and liabilities of the firm, amount of capital contributed, amount due to each partner about his share of profits and shall be kept signed by the partners.
10. Each partner shall be just and faithful to one another, devote his whole time and attention to the partnership business and no partner shall, without the consent of the other partner or partners, engage in any other business or hold any office of profits or appointment nor do any professional work outside the office except free and voluntary service to his friends and relations provided that each of them, the said first partner and second partner shall be at liberty to hold any office in the company and such honorary offices as he or they may think fit. Provided also that (save as aforesaid) all offices and appointments held by any partner during the partnership shall be held for the benefit of the partnership.
11. No partner shall pledge the credit of partnership except in the usual and regular course of the business or give credit to and conduct any business for any person, company or firm (other than such persons as are mentioned in the next following clause hereof) after being required in writing not to do so by the other partner or partners.
12. Upon the death of any partner and upon any person ceasing to be a partner, the share of the deceased or outgoing partner, including capital stock-in-trade and other assets shall be purchased by and belong to the remaining partners who shall take upon themselves all debts and liabilities when and in such an event, all deeds, papers and writings belonging to the firm shall be handed over to and retained by the surviving partners.
13. If, during the continuance of the partnership or at any time thereafter, any difference or disputes shall arise between the partners or their respective legal representatives or any other person or persons under these articles as to the meaning or construction on the rights and liabilities or matter or things done or to be done in pursuance hereof, such disputes and differences shall be referred to arbitration and award of the President of the Incorporated Law Society and his decision and award shall be final and binding upon the parties.
In witness whereof the parties have hereunto set and subscribed their respective hands and seal the day, month and year first above-written.
Signed, sealed and delivered AB