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Sample partnership deed — short form

The shorter sample deed circulated for ICT filings, useful for seeing the minimum clause set an Islamabad submission is built around.

Marked as a sample and not for use as it stands. Note that the partnership shares and the profit-sharing percentages in it do not reconcile — that is exactly the kind of error a copied deed carries into a real filing.

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Shown here exactly as the document is issued, and free to download. One thing worth checking before you use it: the Islamabad, Punjab and Sindh forms are not interchangeable, and filing the wrong one means starting again. Message us if you are unsure which applies to your address.

Sample

Partnership Deed

Whereas this deed of partnership is made on this day “DATE DAY MONTH YEAR” at Islamabad, Pakistan between,

  1. Partner # 1 S/O______________ having CNIC _____________ Resident of ____________________ with Partnership Share 25% hereafter called as Partner # 1
  2. Partner # 2 S/O______________ having CNIC _____________ Resident of ____________________ with Partnership Share 25% hereafter called as Partner # 2
  3. Partner # 3 S/O______________ having CNIC _____________ Resident of ____________________ with Partnership Share 25% hereafter called as Partner # 3
  4. Partner # 4 S/O______________ having CNIC _____________ Resident of ____________________ with Partnership Share 25% hereafter called as Partner # 4

WHEREAS, the partners have agreed to carry on a business described in this partnership deed on the terms and conditions herein mentioned.

NOW THIS PARTNERSHIP DEED IS WITNESSED AS UNDER:

  1. NAME & TILE

That the business of the partnership shall be carried out under the name of “PARTNERSHIP FIRM NAME” having office at “COMMERCIAL ADDRESS COMPLETE IN ISLAMABAD” Pakistan

  1. NATURE OF BUSINESS

To carry on the business of “BUSINESS TYPE, AND DESCRIPTION”

  1. PARTNERSHIP SHARE, CAPITAL INVESTMENT & PROFIT/LOSS SHARING

That the Partnership Share of the Firm will be as follows:

PARTNER 1 = 33%

PARTNER 2 = 33%

PARTNER 3 = 33%

PARTNER 4 = 01%

And That the total initial invested capital of PKR XYZ.00/- (RUPEES XYZ ONLY) of the partnership shall be contributed by each partner equally and their share of /profit/loss of the Firm would be as follows:

PARTNER 1 = 25%

PARTNER 2 = 25%

PARTNER 3 = 25%

PARTNER 4 = 25%

  1. DURATION

The partnership continues as partnership “at will”.

  1. MANAGEMENT DUTIES & RESTRICTIONS

“All partners shall be the managing partners or any other arrangement as partners decide” and they have the power to take necessary measures and issue in order to facilitate the business, activities of the firm, billings, invoicing and any other action required for efficient and smooth working of the firm. They are authorized with the main powers to take all major decisions to handle the policy matters and measure in respect of said business and the partners shall also be full active/dormant partners in this firm and shall equally/unequally run the business.

  1. BANKERS & BANK ACCOUNT

The bank account of the firm shall be opened in any scheduled bank in Islamabad Pakistan. The bank accounts of the firm shall be operated by “Partner # 3) as mutually agreed.

  1. BOOK OF ACCOUNT

Proper ledger/Books of accounts shall be maintained by the partners and all entries made therein as are usually entered in books of account kept by persons engaged in a business similar to the business of the partnership. The partnership books shall be kept at the place of business. The assets and liabilities/balance sheet and profit/loss of the partnership shall be signed by all the partners and audited by auditors

  1. BANKING, FINANCING AND LOAN

It is hereby, with approval of all partners, decided to designate “Partner # 3” as the sole representative of the firm to avail any and all banking, financing, leasing and loan facilities with the scheduled bank as agreed by all partners.

  1. OFFICE FACILITIES

That the partners shall be entitled equal office facilities, utilities, and all other related business matters as per directive of the other partners.

  1. RETIREMENT OF ANY PARTNER

Any partner desirous of retiring from the partnership shall give one-month prior notice in writing to the other partner of his intention to do so and on expiry of such period or from such earlier date as may be agreed. In case of such retirement, the retiring party shall be entitled to be paid such sums as may be found standing to the credit of his capital amount on the date of retirement after adjustment of his share of profit or loss may be accused to such retiring partner up to the date or retirement

  1. ADDITION OF NEW PARTNER

The firm may decide to take in any new investor as one of the partners after he/she invests the requisite funds as per the firm’s requirements with mutual consent. Same shall be communicated and added to the record of the Office of the Registrar of Firms Islamabad with the appearance of all partners along with two witnesses under the ambit of the Partnership Act 1932.

  1. TRANSFER AND TRANSMISSION OF SHARES

Share can be transferred / retransferred among shareholders after the completion of 2.5 years from the date of registration of Partnership deed upon full agreement of all partners. Any partners may express desire to acquire more shares by paying the net worth value to the partner with the consent of the partners. Every member desirous of transferring his shares shall at the first instance offer the same to the existing member of the firms. Same shall be communicated and added to the record of the Office of the Registrar of Firms Islamabad with the appearance of all partners along with two witnesses under the ambit of the Partnership Act 1932.

  1. DEATH OF A PARTNER

In case of death of any partner, the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and legal heirs and/or representatives of the deceased partner, as a continuing concern, on the same terms and conditions as incorporated in this Agreement r on such terms and conditions as may be agreed to by and between them from time to time. It is hereby further clarified that it shall be deemed as change in succession and not constitution. Same shall be communicated and added to the record of the Office of the Registrar of Firms Islamabad with the appearance of all partners along with two witnesses under the ambit of the Partnership Act 1932.

  1. SECRECY

It is the duty of all partners that they should maintain the secrecy of the business from outsiders, and all partners are assured that they will not start same nature of the business anywhere in Pakistan, and also not make a part of that kind of business, if any partner breaches the agreement the legal action will be taken against decision.

  1. DISSOLUTION OF THE FIRM

That on dissolution of the firm a full written account shall be taken of all the partnership property, stock, credit, and liabilities and a written valuation shall be made of all that is capable of evaluation and such valuation or accounts shall be settled, any provisions shall be made for the payment of the liabilities of the partnership and balance of such properties, stock and credit after deducting the capital invested by the partners shall be divided between the partners proportionally. Same shall be communicated and added to the record of the Office of the Registrar of Firms Islamabad with the appearance of all partners along with two witnesses under the ambit of the Partnership Act 1932.

  1. ARBITRATION

Any difference/dispute which may arise between the partners with regard to the interpretation of these presents or any part thereof as to the rights or liabilities of the partners under these present with regard to the winding up or any matter relating to the partnership or to the affairs thereto shall be referred to a single arbitrator in conformity with the provisions of the Arbitration Act 1940, General in matter not provided for in this deed, the law of the Partnership Act 1932 prevailing in Pakistan with all the relevant amendments from time to time shall be applicable

IN WITNESS WHEREOF the partners hereto have set their respective hands with their free consent on the day, month and year first written above/

IN WITNESS WHEREOF, the partners have set their hands with their free consent on the day, month, and year first written above.

PARTNERS:

PARTNERS

Partner # 1 – Name – CNIC – Mobile # - Signature & Thumb Impression_______________________

Partner # 2 – Name – CNIC – Mobile # - Signature & Thumb Impression_______________________

Partner # 3 – Name – CNIC – Mobile # - Signature & Thumb Impression_______________________

Partner # 4 – Name – CNIC – Mobile # - Signature & Thumb Impression_______________________

WITNESS

Witness # 1 – Name – CNIC – Mobile # - Signature & Thumb Impression_______________________

Witness # 2 – Name – CNIC – Mobile # - Signature & Thumb Impression_______________________

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Reproduced for reference. Fees, stamp paper values and document lists for the Registrar of Firms are set administratively and change without notice — confirm the current position with the relevant office before you pay anything, or ask a qualified professional to confirm on your behalf.