Partnership among Solicitors or Advocates

Updated at:March 2010
 
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This indenture is made this ……… day of ………2000 between (i) Solicitor Hemant Raghav son of ……… etc., hereinafter referred to as the first partner of the first part, (ii) Solicitor Chirag Desai son of etc., hereinafter referred to as the second partner of the second part and Solicitor Vimal Kapadia 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...

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