Remuneration to partners

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2010 Pl share the deed of addendum for revision on remuneration to partners in view of the amendment in the limit from Rs. 50000 to 150000 and from 75000 to Rs. 300000 for the first slab of 90%.

VINOD ARORA

VINOD ARORA (Expert)
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02 August 2010 AGREEMENT MODIFYING THE PARTNERSHIP DEED

THIS DEED is made at ................ on this .................. day of ............., 2010, between A, son of ....................... resident of .................... of the ONE PART and B, son of ................... resident of ...................of the SECOND PART and C, son of ......................... resident of ................................... of the THIRD PART.

WHEREAS the parties hereto are carrying on the business of ............... under the name and style of M/s. ......................................... at .................... upon the terms and conditions contained in Deed of partnership dated ............................;

AND WHEREAS clause ............................ of the said partnership deed provides that all the partners will share profit/losses in the belwo given proportion
A
B
C

NOW THIS DEED WITNESSETH AS FOLLOWS:

1. This Deed is supplemental to the Deed of Partnership dated ..................... and made between the said parties.

2. The profit/losses of the firm's business henceforth (w.e.f.........) shall be shared as under:
A
B
C
The revision in sharing ratio has been mutually agreed among partners to revise as above to facilitate justifiable distribution of profits in line with efforts made by concerned partners.

3. The other terms and condition of the Deed of Partnership dated ............. shall except in so far as the same are modified by this agreement, continue in full force and effect.

IN WITNESS WHEREOF the parties hereto have hereunto put and subscribed their respective hands ............................ the day and year first hereinabove written.

Signed and delivered by the within named A
Signed and delivered by the within named B
Signed and delivered by the within named C

WITNESSES;
1.

2.

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CA Ujjaval Desai

CA Ujjaval Desai (Expert)
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02 August 2010 Draft a supplementary partnership agreement to main partnership agreement containing a clause that remuneration permissible to partners is as per the present law in force or mention the remuneration table as per present rate.

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