SAMPLE OF A DEED OF PARTNERSHIP

 

THIS DEED OF PARTNERSHIP made the 12th day of December 2013

BETWEEN

JOHN & MARY OTTO(1st partner) of No 2 John Otto streetKebbiKebbi State, of the first part 

AND PAUL AND LOIS ETTEH (2nd partner of 12 Mbanugo StreetKebbiKebbi state, of the second part.

 

IT IS AGREED that the parties shall become partners in the business of providing catering services upon the terms contained below, namely:

1. NAME OF THE FIRM-

The firm’s name shall be Chop-Chop Restaurants which shall be registered pursuant to the Companies and Allied Matters Act, 2004.

 

2. PLACE OF BUISNESS-

The partnership business shall be carried at No 12 Koggi AvenueKebbiKebbi State or at such other places as the partners may from time to time agree upon.

 

3. DURATION-

Duration of the partnership shall be for ten years and is to commence from the 12 day of January 2013 but subject to prior determination as provided in clause 10 of this agreement.

 

4. CAPITAL CONTRIBUTION 

The capital of the partnership shall be the sum of Twenty Million Naira (N20, 000, 000.00) to be contributed by the partners on 70-30 % basis by John and Mary Otto and Paul and Lois Etteh respectively  immediately after the day of this agreement.

 

5. PROFIT AND LOSS SHARING

Proceeds from the partnership shall be shared based on the percentage of each partner’s contribution and such net profits shall be divided among the partners immediately after the settlement of the annual accounts.

The property used as the head office of the partnership at No. 12 Koggi AvenueKebbiKebbi State has been contributed by JOHN & MARY OTTO and that property shall upon the cessation of the partnership continue to be the property of JOHN & MARY OTTO.

 

6. BANKERS

The bankers of the partners shall be Guaranty Trust Bank PLC or such other bankers as may be agreed upon by the partners. All monies of the partnership (other than monies from petty expenses) shall be paid to and kept with the said bankers

Each partner shall have powers to draw checks in the name of the firm.

 

7. REMUNERATION/SALARY

As compensation for his or her services in and to the Partnership business, each Partner shall be entitled to a salary of N70, 000 each month, which shall be deducted by the Partnership as an ordinary and necessary business expense before determination of net profits. The salary of any Partner may, however, be increased or reduced at any time by mutual agreement of all the Partners.

 

 

 

8. ACCOUNTS

Proper and usual books of account shall be kept and maintained at the place of business of the Partnership and shall be open to inspection by either partner or their agent. 

On 30th December and on the same day in each succeeding year, an account shall be taken of all assets and liabilities of the Partnership and a balance sheet and profit and loss account shall be prepared and be signed by each partner who shall be bound thereby unless some manifest error shall be found their within three months in which case the error shall be rectified.

 

9. AUDITORS

Fresh waters Auditors shall be the external auditors of the partnership.

 

10. WITHDRAWAL/DETERMINATION OF PARTNERSHIP

Any of the partners shall upon giving three months’ notice to the other partner withdraw from the partnership and such withdrawal shall determine the partnership.

 

11. DISSOLUTION.

On dissolution of the Partnership , the affairs of the Partnership shall be wound up, the assets of the Partnership liquidated, the debts paid, and the surplus divided equally among the Partners

 

12. DISPUTE RESOLUTION.

All disputes between the partners in relation to any matter whatsoever touching the partnership affairs or the construction of this agreement and whether before or after the determining of the partnership shall be referred to as single arbitrator in accordance with the provisions of the Arbitration and Conciliation Act .Cap. A18 LFN 2004 

 

IN WITNESS OF WHICH the parties have executed this deed in the manner below the day and year first above written

SIGNED SEALED AND DELIVERED

By 

_______________________________________

John and Mary OttoPaul and Loisetteh

Chop- Chop RestaurantsPTL Restaurants

 

IN THE PRESENCE OF

NAME: 

ADDRESS: 

OCCUPATION:

 

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