Conclusion of the Case.

The given case is about a partnership business, which is carried between

four people. The business is named and styled by one of the four partners,
and is runned according to the terms and conditions given in the partnership
deed which was executed on a certain date.
Now the parties had a meeting and the partners with mutual consent agreed
to the alteration of some of the terms and conditions of the partnership
deed.
What is a partnership deed?
A partnership deed, also known as a partnership agreement, is a document
that outlines in detail the rights and responsibilities of all parties to a
business operation. It has the force of law and is designed to guide the
partners in the conduct of the business. It is helpful in preventing disputes
and disagreements over the role of each partner in the business and the
benefits which are due to them.
So this deed was witnessed as under uncorporating the aforsaid amendment
in the terms and conditions of the partnership, which were as follows
concluded:
1. Name of the firm
This part of the deed tells that the business would continue to be
runned after the same name as it was ran before, and no change would
take place as to the name of the firm.
2. Nature and place of the business
The nature and the place of the business would remain the same as it
did before and other partied with mutual consent can carry on a
business of the same type and nature if they want to.
3. Capital of partners
The amount which is lying as the capital of the partners is to be
considered as the investments made by the partners and all the loans
and investments required in the near future to be invested into the
business must be arranged by the partners with mutual understanding.
4. Payment of interest to partners on capital
The payment of interest was also to be made on the capital that each
partner had invested in the business, in the case it is told that the

interest was decided as 18% per annum, and this interest is a liablity
for the business and is to be debited in the profit and loss account, and
the interest is to be an income for the partners.
5. Some partners to be working partners
In this term it was agreed that three of the four partners would work as
active partners. The active partners in a business are the partners who
actively engage in the day to day affairs and management system of
the firm. So therefore, it was also agreed upon that in considersation
for working as active partners, those partners would be rewarded with
remuneration.
6. Remuneration to working partners
Remuneration is the money paid for work in service. The remuneration
paid to the partners should be distributed according to the percentage
that has been mutually decided between the partners themselves. The
remuneration should be fairly divided between partners according to
the agreed proportion. The partners may also agree to revise the
proportions time to time and may also agree to pay their part of
remuneration to the other working partner, according to their own
wish.
7. Partners to be true and fair to each other
the partners in the firm shall work with utmost honesty with each other
and must not hide things and all the actions and decisions must be
taken with the consent of all the four partners.
8. Partner to keep proper accounts
The partners must maintain the proper accounts of their receipts and
transactions in the business and all partners must therefore have the
right to access the accounts and have a fair look at the receipts and
payments entered in the books of the firm.
9. Share of profits amongst the partners
the net profit if the partnership firm, after the deduction of all the
salaries and expenses and even after paying the remuneration to
working partners must be divided among the partners according to the
proportion decdied by the partners with mutual agreement.

10.
Maintainance of the bank accounts
the bank accounts of the firm should be maintained in the name of the
firms name and not by any partners name.
11.
Accounting year of the firm
the accounting year must be ended at the 31st march of each year, and
any transactions after that must be recorded in the books of the next
accounting year.
12.
Firm is not to be dissolved at the death of any partner
In the partnership act it has been mentioned at with the death of any
of the partner the firm will not dissolve but will run in extistence and if
need will be taken over by the legal heirs.
13.
Admittance of the partner
If the partner wants they may appoint any other as a partner on their
behalf on the terms and conditions set by the other partners of the firm
and with the mutual consent of them.
14. Execution of bonds,notes, bills of exchange

All the bills given on the behalf of the partnership shall be signed and
endorsed by all the partners