Memorandum of Partnership of Hindu Joint Family Business

Updated atJune 2010

This Memorandum made at.................. this day of.................. between (1) Mr........................ (2) Mr.......................... and (3) Mr....................... and (4) Miss.......................... all of ........................................................ as follows.

WHEREAS

(1) The Parties hereto are members of a joint and undivided Hindu family,..................being the father of................. and................. his sons and Miss................. his daughter

(2) Miss.................. being unmarried has acquired the rights of a coparcener by virtue of the Hindu Succession Amendments Act passed by the State of

(3) The said family has been carrying on a business as ancestral business consisting.of................. ..................

(4) The Parties decided to carry on the said business in partnership as from the day of............................

(5) The Parties, as such members of the joint Hindu family have equal shares in the said business with its assets as on partition.

(6) As from the said date the parties have opened four separate accounts in their respective names in the account book of the said business and crediting the amounts coming to the share of each of the parties in the profits of the Firm.

(7) It is agreed to record the understanding between the Parties hereto regarding the said business as follows.

NOW IT is recorded and agreed as follows

(1) The said business of the joint Hindu Family of the parties hereto will be carried in the same name. i.e. in the name of M/s.................... at the same premises at..................

(2) The business has been carried in partnership between the Parties hereto and shall be carried in partnership and not a joint family business as from the said date that is as from the .................. day of..............20........

(3) The Parties hereto are to have equal shares in the net profits and losses of the firm

(4) The assets of the business with goodwill will belong to the Parties in equal shares.

(5) All the present and future debts and liabilities of the business will be the liability of the Parties hereto in equal shares

(6) The bank accounts of the business will continue in the same way and will be operated by the Party of the First Part as hitherto.

(7) Any party hereto shall be entitled to retire from the partnership by giving...... month's notice in writing to the others and on such retirement he or she will be paid her share in the assets of...

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